Vincent Goodwill of the Detroit News reports that Prince and Daye were called into head coach Lawrence Frank's office, meaning the deal could become official soon. Yahoo! Sports' Adrian Wojnarowski also confirmed Daye was part of the deal, though there are differing reports about whether Detroit will also give up a second-round draft pick.
In return, Detroit will take on Toronto Raptors point guard Jose Calderon and his contract that is worth $10.5 million in its final year. Gay will head to the Raptors with big man Hamed Haddadi, and Memphis will also receive second-year forward Ed Davis from Toronto.
Toronto and Memphis had recently been gaining more momentum on a deal involving Gay and presumably needed a third team to take on Calderon's contract. The Grizzlies also were seeking out a third team willing to give up a small forward capable of replacing Gay on the roster.