The Memphis Grizzlies are nearing completion on a trade to send forward Rudy Gay to the Toronto Raptors, league sources told Yahoo! Sports.

The teams are expected to present proposals to their respective owners on Wednesday. A third team will likely take on the $10.5 million expiring contract of Raptors guard Jose Calderon, sources said.

Despite organizational proclamations to the contrary, new Memphis ownership and management is determined to unload Gay and the $37 million owed him as soon as possible, sources said.

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Preferably, the Grizzlies want a less expensive small forward to plug into the lineup for Gay, sources said. Memphis has been relentless in shopping Gay over the past several weeks.

In a proposed deal, Memphis would likely receive another young Raptors player and a possible future draft pick, sources said. The Grizzlies have unsuccessfully tried to pry Raptors rookie Terrence Ross as part of the deal, sources said. Toronto has deemed Ross untouchable in these talks.

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Recently, the Grizzlies' front office dumped three contracts and a first-round pick – including Mareese Speights, Wayne Ellington and Josh Shelby – onto the Cleveland Cavaliers to get under the luxury-tax threshold.

At 29-15, the Grizzlies are currently the fourth seed in the Western Conference playoff race. Beyond Gay, the Grizzlies have nearly $65 million in contracts locked into forward Zach Randolph and center Marc Gasol through the 2014-15 season. They are determined to lessen luxury-tax implications of holding onto three significant contracts.

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