Updated: March 20, 2012, 5:12 pm ET

Memphis Grizzlies to Sign Gilbert Arenas

The Memphis Grizzlies are on the verge of signing Gilbert Arenas, according to sources close to the situation.

Arenas worked out for the Grizzlies on Monday and will join the team for the remainder of the season if he passes a physical. The 30-year-old will sign a one-year deal worth the veteran’s minimum. The deal was first reported by Ronald Tillery of The Commercial Appeal.

Arenas was amnestied by the Orlando Magic prior to the start of the 2011-12 season. Over the offseason, the veteran point guard worked out in Orlando and lost 20 pounds.

The weight loss should prevent further issues with his surgically repaired knee, which was a cause for concern during his brief stint with the Magic. Arenas is completely healthy and looking forward to proving that he can still play at a high level if put in the right situation.

Arenas had been linked to the Los Angeles Lakers throughout the season. However, the Lakers acquired Ramon Sessions prior to the trade deadline, which may have led Arenas to sign with the Grizzlies.

Over the course of his 10-year career, Arenas has averaged 21.2 points, 5.4 assists and 4 rebounds.

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