As reported by our friends at 3 Shades of Blue, ESPN’s Brian Windhorst is reporting that the the Grizzlies are in talks with the Cleveland Cavaliers to trade Marreese Speights and Josh Selby to Cleveland in exchange for Jon Leuer.

Just filed to ESPN: Cavs & Grizzlies are in talks on a deal that would send Marreese Speights & Josh Selby for Jon Leuer. Picks involved

— Brian Windhorst (@WindhorstESPN) January 22, 2013

The trade was also reported by Marc J. Spears of Yahoo! Sports:

Grizzlies trade Speights, Selby and pick to Cavs for Lauer, source said.

— Marc J. Spears (@SpearsNBAYahoo) January 22, 2013

According to Windhorst, such a deal saves the Grizzlies the $4mil they need to get under the luxury tax — which has been bandied about in the last few weeks as the reason the Grizzlies needed to trade either Rudy Gay or Zach Randolph.

We’ll have more on this as it develops.

UPDATE: Chris Vernon has more details about the draft pick:

Grizzlies source says the deal is Speights/Selby/ 2015 1st Round pick (Top 5 Protected) for Jon Leuer.

— Chris Vernon (@ChrisVernonShow) January 22, 2013