The Memphis Grizzlies are nearing completion on a trade to send forward Rudy Gay to the Toronto Raptors, league sources told Yahoo! Sports.
The teams are expected to present proposals to their respective owners on Wednesday. It is unclear whether the Grizzlies have found a third team to join the trade or will absorb the $10.5 million expiring contract of Jose Calderon themselves, sources said.
In a proposed deal, Memphis would likely receive another young Raptors player and a possible future draft pick, sources said. The Grizzlies have unsuccessfully tried to pry Raptors rookie Terrence Ross as part of the deal, sources said. Toronto has deemed Ross untouchable in these talks.