The move Wednesday comes after Pargo played well during back-to-back 10-day contracts with the Bobcats.
The 6-foot-1 Pargo has appeared in 10 games for the Bobcats averaging 9.4 points, 2.5 assists, 1.1 rebounds and one steal in 17.4 minutes.
He has scored in double figures five times while shooting 41 percent from the field, including 38 percent from 3-point range.
Prior to signing with the Bobcats Pargo had played in 14 total games this season -- seven each with the Washington Wizards and Atlanta Hawks -- with overall averages of four points and 2.4 assists in 15.4 minutes.
Pargo, who backs up starter Kemba Walker, will play Wednesday night against the Philadelphia 76ers.