The Celtics and Grizzlies are headed in different directions, it appears, as Boston is willing to part with one of its best perimeter shooters, in Courtney Lee, in exchange for veteran guard Jerryd Bayless, who is in the final year of his contract.
Memphis is desperate for outside shooting help while the Celtics are happy to get rid of Lee's relatively hefty contract.
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According to ESPN, the trade is likely to be officially completed Monday.
Bayless, the 11th overall pick in the 2008 NBA Draft out of Arizona, is averaging 8.0 ppg and 2.0 apg this season with Memphis. Lee is averaging 7.4 ppg and 1.1 apg in 2013-14.
Follow Metro Boston sports editor Matt Burke on Twitter @BurkeMetroBOS