The Grizzles have officially signed Gilbert Arenas, reports TNT's David Aldridge (on Twitter). Arenas agreed to a one-year deal for the veteran's minimum salary with Memphis, and had been scheduled to take his physical today.

Arenas worked out for both the Grizzlies and Lakers this season, in the hopes of returning to the NBA. The 30-year-old continues to be paid by the Magic, who amnestied him in December with three years and $62MM+ remaining on his contract. Though Arenas posted 22.6 PPG and 18.7 PER for the Wizards just two seasons ago, his numbers took a huge hit last year, falling to 10.8 PPG and 10.8 PER in 70 games with Washington and Orlando.

The Grizzlies figure to have Arenas work off the bench behind Mike Conley at the point. The team won't need to make a corresponding move, as it had two open roster spots available.