The Thunder will receive cash considerations in the deal, which will create a $1.25 million traded player exception for Oklahoma City. The Thunder will be $2.7 million under the luxury tax after the trade.
The Memphis Grizzlies selected Thabeet out of UConn with the No. 2 pick in the 2009 draft. He has bounced around the NBA in five seasons playing for the Grizzlies, Houston Rockets, Portland Trail Blazers and the Thunder.
Last season, he averaged 1.2 points and 1.7 rebounds per game for Oklahoma City.
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