USA TODAY Sports
ESPN's Marc Stein is reporting that a deal is agreed upon in principle to send Rudy Gay to Toronto for Ed Davis, Jose Calderon, and a 2nd round pick.
Sources told ESPN.com that the Grizzlies will acquire forward Ed Davis and veteran guard Jose Calderon from the Raptors and then move Calderon on to a third team to ultimately make this a three-team deal.
The Dallas Mavericks (Vince Carter), the Boston Celtics (Paul Pierce), and the Detroit Pistons (Tayshaun Prince) have all been mentioned as potential trade destinations for Calderon, returning their player to Memphis.
Stay tuned for more as this develops.