MEMPHIS, Tennessee (AP) -- The Memphis Grizzlies have withdrawn their qualifying offer to guard Juan Carlos Navarro, making him an unrestricted free agent.

General manager Chris Wallace announced the move Thursday that surrenders the right to match any future offers if Navarro returns to the NBA. It's a move that frees up salary cap space just before Memphis introduces veteran guard Allen Iverson at a news conference later Thursday.

In his only NBA season, Navarro averaged 10.9 points and 2.2 assists in 82 games in 2007-2008. After his rookie season, the 6-3, 170-pound guard returned to Spain to play with FC Barcelona.

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