By Tim Polzer
January 30, 2013

UPDATE: The Grizzlies have reached an agreement in principle to trade small forward Rudy Gay to the Raptors, in a deal wthat will also include Toronto point guard Jose Calderon and Pistons forward Tayshaun Prince, league sources told Yahoo! Sports.

Calderon goes to the Pistons, with Prince and Austin Daye going to the Grizzlies, according to league sources via's Ken Berger.

Detroit, Boston and Dallas were teams mentioned in previous reports as potentially becoming the third team in this trade.

PREVIOUS REPORTS: The much-rumored trade sending Grizzlies small forward Rudy Gay to the Raptors and a third team absorbing the expiring contract of point guard Jose Calderon appears to be nearing completion, according to Yahoo Sports! and other reports.

The Grizzlies reportedly have been searching for a third team to help facilitate a deal. names the Mavericks as a possible third team.

Tim McMahon reports the Mavs, who have struggled to find a reliable starting point guard, have long been intrigued by the 31-year-old Calderon, and acquiring him and his $10.5 million expiring contract wouldn’t sacrifice their financial flexibility this summer.

Mavs center Chris Kaman and his $8 million expiring contract could be shifted to Memphis where he could back up Marc Gasol.

Yahoo Sports! reported that new Memphis ownership and management is determined to unload Gay and the $37 million owed him as soon as possible. The Raptors need a proven scorer like Gay, even if he is shooting just 40.8 percent overall and 31 percent for the Grizzlies.

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