Wojnarowski first reported that the Celtics and Grizzlies were nearing the deal which would send small forward Tayshaun Prince and a first-round draft pick to the Celtics. The New Orleans Pelicans are also involved, and will reportedly send second-year guard Austin Rivers to the Celtics and rookie point guard Russ Smith to the Grizzlies. The Pelicans will receive guard Quincy Pondexter and a second-round pick from the Grizzlies.
According to Jeff Zillgitt of USA TODAY, the Celtics may ship Rivers to the Los Angeles Clippers, who are coached by his father, Doc Rivers.
Green was traded to Boston from the Oklahoma City Thunder during the 2010-11 season. The 28-year-old is averaging 17.6 points, 4.2 rebounds and 1.6 assists in 33 games this season. He owns a $9.2 million player option for the 2015-16 season.
Prince, 34, came to Memphis in a 2013 trade after spending 11 years with the Detroit Pistons. The forward is averaging 7.4 points and 3.2 rebounds in 25 games this season, and has made nine starts. Prince is set to become a free agent at the end of the season.
Pondexter is in his fourth season with the Grizzlies after being traded from New Orleans in Dec. 2011. The 26-year-old's per-game averages for points and assists as well as his shooting percentage have dipped over 30 games this season.
The Celtics also traded center Brandan Wright to the Phoenix Suns on Friday.
- Molly Geary and Mike Fiammetta