Brian Windhorst now has a full report online:

The Grizzlies would send big man Marreese Speights, guard Wayne Ellington and guard Josh Selby to the Cavs for big man Jon Leuer. There are also believed to be a future draft pick involved in the deal.

The trade would slice more than $6 million off the Grizzlies payroll and get them under the luxury tax threshold. Reducing payroll both short- and long-term has been a goal of the new Grizzlies ownership and led to other trade talks involving Rudy Gay and Zach Randolph over the past several weeks.

The problem with this trade so far is that now the Grizzlies — unless another player is coming back in Wayne Ellington's spot — are two roster spots under the minimum. They were already at the minimum before the deal, and have now cleared two spots. That means they're going to have to pick someone up from the D-League or sign a couple of free agents.

More as it develops.