Billups, who has seen sporadic action this season because of injuries, is averaging 3.8 points and 2.2 assists and is shooting a career-low 30 percent from the field.
The 37-year-old veteran has played in only 19 of a possible 54 games. Billups is signed through 2014-15; however, next season is a team option.
Billups, who returned to Detroit this past offseason, played for the Pistons from 2002 to 2009, averaging 16.5 points and 6.2 assists. He has also played for the Clippers, Celtics, Raptors, Nuggets, Timberwolves and Knicks during his 16-year career.