Wojnarowski reports Beasley will sign with the Shanghai Sharks, the team owned by former NBA center Yao Ming. Beasley signed a non-guaranteed contract with the Grizzlies last month in hopes of making the team as a backup power forward.
The 25-year-old spent last season with the Miami Heat and averaged 7.9 points and 3.1 rebounds in 55 games.
He fell out of coach Erik Spoelstra's rotation and only played in four playoff games for Miami.
Beasley was the No. 2 pick in the 2008 draft by the Heat and played the first two seasons of his career in Miami. He was traded to the Minnesota Timberwolves in 2010 and averaged a career-high 19.2 points in 2011.
He signed a three-year, $18 million contract with the Phoenix Suns in 2012, but was released after one season following an arrest for marijuana possession in August 2013.
In six NBA seasons, he has career averages of 13.2 points and 4.9 rebounds. Although his playing time decreased in recent seasons, he has been potent offensively, scoring 19.2 points per 36 minutes during his career.
He played one season of college basketball at Kansas State and was named a consensus first-team All-American after averaging 26.2 points and 12.4 rebounds.
- Paul Palladino