The Grizzlies have been shopping Gay to multiple teams, and found an interested trade partner with the Suns, sources said.
There's no framework of a possible deal in place, but the Grizzlies have expressed a strong desire that any package involving Gay include Suns forward Jared Dudley and future first-round draft picks, sources said.
We'll keep you posted as this story develops. For now, it looks like maybe the Grizzlies aren't going to wait until the offseason to make a move involving Gay. Moving him before the trade deadline and shedding his salary means the Grizzlies would avoid paying the luxury tax.