TORONTO -- The Toronto Raptors have traded point guard Jose Calderon and forward Ed Davis to the Memphis Grizzlies for forward Rudy Gay.
A source requesting anonymity tells The Associated Press the deal Wednesday appears to involve a third team that will acquire Calderon from Memphis.
Multiple reports say Calderon is headed to Detroit in the three-team trade. The Pistons will send Austin Daye and Tayshaun Prince to Memphis.
Calderon was the longest-serving member of the Raptors, having played his entire NBA career in Toronto. The six-foot-three Spaniard joined the team in the 2005-06 season and has played in 525 games, averaging 10.0 points and 7.2 assists per game.
Calderon was set to become a free agent at the end of the season while Davis has two more seasons left on his deal.
Davis was Toronto's 13th overall pick in the 2010 NBA Draft. In his two seasons, Davis has averaged 7.0 points and 6.9 rebounds mostly in a reserve role, although he has started several games this year with Andrea Bargnani and Jonas Valanciunas out with injuries.
Gay has been the subject of trade speculation throughout the season as Memphis looks to unload his hefty contract. The six-foot-eight small forward is due $16.5 million this season with $37 million more over the next two years.
Davis is set to make $3.1 million next season.
The 26-year-old Gay has been with the Grizzlies since joining the NBA in 2006. He has averaged 17.9 points and 5.8 rebounds over seven seasons.
Gay was drafted by the Houston Rockets eighth overall in 2006 but was quickly traded to Memphis.
For Memphis, trading away Gay eases a luxury tax hit due next season, while concentrating the team around centre Marc Gasol and all-star forward Zach Randolph. The Grizzlies had their best playoff run in 2011 when they knocked off then-No. 1 seed San Antonio before losing to Oklahoma City in seven games in the Western semifinals -- all with Gay on the bench after needing season-ending shoulder surgery.
