Toronto is said to be the most persistent suitor, offering point guard Jose Calderon and forward Ed Davis in exchange for Gay. The Raptors also covet forward Darrell Arthur.
Last week, the Grizzlies dumped salary by trading Marreese Speights, Wayne Ellington, Josh Selby and a protected future first-round pick to Cleveland for Jon Leuer.
The NBA trade deadline is Feb. 21 at 2 p.m.
Since starting this season 18-6, the Grizzlies have gone 11-9. … Four-time All-Star Kevin Durant continues to lead the league in scoring at 29.6 points per game, followed by Carmelo Anthony (29.4) and Kobe Bryant (28.7). … Durant has passed teammate Kevin Martin to take the NBA lead in free-throw percentage at .912. Martin is second at .908. OKC leads the league at .836.
Memphis coach Lionel Hollins on whether Thunder vs. Grizzlies has become a rivalry: “Great competition, that's all it is. Doesn't matter whether it's this series or another series. It's a basketball competition. Fans come to see players do their thing, go out there and compete against each other at the highest level and battle till the end. Obviously somebody's got to win, somebody's got to lose. Competition is really what's special about it.”