A deal for the Memphis Grizzlies to send Rudy Gay to the Toronto Raptors has been agreed upon, according to sources.

The Raptors will send out Jose Calderon and Ed Davis for Gay and Hamed Haddadi.

The Pistons will acquire Calderon, with the Grizzlies receiving Tayshaun Prince and Austin Daye.

The Grizzlies will also receive a second round pick from the Raptors.

Toronto is likely to waive Haddadi following a buyout, reports Ken Berger of CBS Sports.

The Grizzlies will save $5.8 million this season and $26.4 million over three season before factoring in potential luxury tax ramifications.