Ryan Broekhoff will play the rest of the NBL season with South East Melbourne after he was unable to find a new home in the NBA.
The Melbourne product was an impressive 40 per cent from three-point range across two seasons with Dallas and was eyeing a campaign alongside fellow Australian Ben Simmons at the Philadelphia 76ers before being waived ahead of this season.
All but certain to feature in the Boomers squad vying for a medal at this year's Tokyo Olympics, the 30-year-old has opted to return home.
Currently in Michigan with his family, he could play in the latter stages of the NBL Cup early next month after completing quarantine.
His arrival should elevate the Phoenix (4-4) to legitimate title hopes and follows Phoenix's recruitment of fellow Boomer Jock Landale from Lithuania.
"It's pretty well known that Rowdy is one of our country's greatest shooters and we are thrilled to bring in more firepower from the wings," Phoenix coach Simon Mitchell said.
"I also love his rebounding from the wing position, he has always been a great rebounder for his size and he brings more of the length we have coveted since last season.
"On top of this, he's just a great bloke; a south east boy, works hard, very coachable and with a little point to prove.
"I feel like he is going to fit wonderfully with our group and it's a thrill to bring him home."
Broekhoff was set to join the 76ers in the Florida NBA bubble at the late stages of last season but had to withdraw when his wife tested positive to COVID-19.
He was then cut as the squad was whittled down this season but will now enjoy much-needed court time ahead of July's Games tilt.
"I'm really excited to get back, see my family, get back playing, and obviously give back to Australian basketball and the Australian community," Broekhoff said.
"I've had such great support through my junior program and the Olympics and everything like that, so it's time to come back and start giving back."