The 36-year-old is best known as a point guard, but the team has seven guards on their roster in training camp.
Billups told the team's website: "The way I see it is a lot of times we're going to play two point guards out there. You've got to name one, the other, whatever.
"If I'm able to play like a point guard and have the ball in my hands where I'm comfortable, then you can call it power forward if you want to, as long as you let me touch it.
"It's good. We've kind of been taking turns. We bring a different look, a different dimension. It's just an added bonus to have two playmakers on the court at all times."
Billups won an NBA championship with the team in 2004.