by Sam Amick, USA TODAY Sports

The Memphis Grizzlies have agreed to send small forward Rudy Gay and center Hamed Haddadi to the Toronto Raptors in exchange for point guard Jose Calderon and forward Ed Davis, according to a person with knowledge of the deal.

Calderon is expected to be sent to a third team, however, with Detroit the most likely and Boston and Dallas also in the mix. The person spoke to USA TODAY Sports on the condition of anonymity because of the deal has not been finalized.

The eight-year veteran has wanted out of Toronto for quite some time, but the Grizzlies – who have Mike Conley as their starting guard and veteran Jerryd Bayless as their backup – hardly need him and are on the lookout for other pieces that could come their way as a result. It’s not known what players the Pistons, Celtics or Mavericks are making available, but Detroit has options to replace Gay (Tayshaun Prince, Corey Maggette) and Boston small forward Paul Pierce (who has just $4 million of his $15.3 million guaranteed on the final year of his contract in 2013-14) would be a natural fit as a cheaper, yet equally productive, replacement for Gay. The Celtics are badly in need of point guard help after losing All-Star Rajon Rondo to a season-ending ACL tear on Sunday.

The Grizzlies do have a need for more depth down low after trading forward Marreese Speights to Cleveland on Jan. 22, which would explain their desire to land Davis. While Calderon is in the final year of his deal (paying $10.5 million this season), Gay has approximately $37 million left on his contract after this season and he’s clearly too pricey a player for the Grizzlies’ new ownership and management team.

The Grizzlies, who were purchased by 34-year-old Robert Pera in June, traded Speights, Wayne Ellington, Josh Selby and a future first-round pick to the Cavaliers for forward Jon Leuer recently as a way of getting under the luxury tax that becomes more punitive next season. They currently have a payroll of approximately $67 million, and time will tell if there’s a price to … [For more on Grizzlies trade Gay to Raptors for Calderon, click here.]