Chalmers is averaging 5.5 points and 3.2 assists per game this season. He is a career 36% shooter from three. The trade will save the Heat $2.5 million in salary, which will significantly reduce their luxury tax bill.
The Grizzlies are currently second-to-last in the NBA in three-point percentage.
Chalmers, a second-round pick in 2008, won two championships with Miami. He is fourth in franchise history in games played, sixth in minutes played and third in assists.