nope, it's against the rules.
http://kb.ssbabasketball.com/wiki/Free_Agency_%28Rules%29#WaiversIf a player is cut as a result of a trade, no team involved in the trade (either team who traded the cut player, team who received the player, or any other parties involved in the trade who never controlled the player) can sign that player for a period of 24 hours after the player was cut. This doesn't matter when the player is cut with regards to the trade. If it's 3 sims down the line, the same rule applies.