The Grizzlies have restarted talks with Rudy Gay about a possible contract extension, sources told Yahoo! Sports.

Gay's agent, Jeff Austin of Octagon, traveled to Memphis on Friday to meet with Grizzlies general manager Chris Wallace.

Austin wrote in an email to Yahoo! Sports that it's "too early to tell if anything will come of it."

League sources have indicated that Gay is looking for a five-year contract in the $50-60 million range.

Allen Iverson claims that he's ready to make his debut for the Grizzlies.

Iverson was cleared to participate in full-contact practice following an MRI on Thursday.

The guard's return from a hamstring injury is targeted for Monday's game against the Kings.

"I felt good," Iverson told the Memphis Commercial Appeal. "It was a regular day of practice for me. I didn't feel any pain. I didn't feel fatigued to not be able to get through it. I'm ready to play. It's up to them."

Grizzlies coach Lionel Hollins is worried about Iverson's stamina.

"He's just got to get in shape," Hollins said. "Health-wise, he's fine. (The training staff) wants to make sure his conditioning is better so he doesn't do anything that causes him to get hurt again."

The Grizzlies will likely not reach agreement on an extension with Rudy Gay before Monday's deadline.

The club will allow Gay to become a restricted free agent next summer.

The Memphis Grizzlies today exercised the fourth-year team option on guard Mike Conley and picked up the third-year team options on guard O.J. Mayo and forward Darrell Arthur.  

All three players are now signed through the 2010-11 season.

Pistons guard Richard Hamilton has shed some light on Michael Curry's brief tenure as the team's head coach.

In an interview with the Memphis Commercial Appeal, Hamilton backed Allen Iverson's claims that Curry lied to the team.

"M.C. lied to us a million times," Hamilton said of Curry. "He sat me and A.I. down one time and was like, 'I'm going to lean on both of you the whole year, just don't go to the media. Say you'll do whatever for the team and blah blah blah.' This was a week before he brought me off the bench. He lied. So I feel for what Allen said.

"I think the person that we had didn't know how to take advantage of (our roster). Instead of taking advantage of it, he killed it."

Hamilton also discredited the belief that the team was unwilling to accept Iverson as a teammate because of how they felt about Chauncey Billups.

The Grizzlies are in talks with Kareem Abdul-Jabbar about joining their coaching staff.

The legendary center sat in on the team's practice Monday morning. Several sources confirmed to the Memphis Commercial Appeal that Abdul-Jabbar will entertain joining the organization.

The Grizzlies asked for and received permission from the Lakers to talk with Abdul-Jabbar.

He is under contract with the Lakers, but the Los Angeles Daily News reported earlier this month that Abdul-Jabbar's interaction with center Andrew Bynum would decrease this season.

The Grizzlies are counting on forward Zach Randolph to lead the young team with Allen Iverson out.

Iverson is doubtful for the season opener against the Pistons because of a hamstring injury.

"And as long as A.I. is injured, Zach is the leader of this team," assistant coach Damon Stoudamire told the Memphis Commercial Appeal. "He's going to have to teach these guys the things that we taught him when we went to the playoffs in Portland. A lot of the things Zach gets a bad rap for haven't been basketball related.

"In terms of wanting to win, wanting to be successful and wanting to be a good teammate, Zach's always displayed that. Regardless of what people will say, it's hard to get 20 (points) and 10 (rebounds) in this league. The numbers are there. Now we have to get him to do the other things. He might have to dive on the floor. He might have to stop his guy. Those are areas where he's got to make the sacrifice."

Grizzlies guard Allen Iverson could miss the team's season opener against the Pistons because of a partly torn hamstring.

Iverson admitted that there's a good chance the team's medical staff won't clear him for the game because of fears he's not completely healed.

"They're saying it's a possibility, but it's also a long shot," Iverson told the Associated Press. "You know that's one of the ones I definitely want to play."

He added that he won't be out long as his rehab progresses from the injury suffered in a scrimmage Oct. 4.

Grizzlies forward Rudy Gay claims that he knows his value.

If Gay doesn't sign a contract extension with Memphis by Oct. 31, he'll become a restricted free agent next summer.

"I know my worth," Gay told the Memphis Commercial Appeal. "But we haven't gotten to that point. I've told my (agent) all I want to do is say 'yes' or 'no.' "

The Memphis Grizzlies waived guard Mike Taylor, Grizzlies General Manager and Vice President of Basketball Operations Chris Wallace announced today.

Taylor, a 6-2, 165-pound guard, averaged 2.0 points and 2.3 assists in 8.3 minutes in six preseason games after signing with the Grizzlies as a free agent on Sept. 28.  The 23-year-old posted 5.7 points, 1.7 rebounds and 2.1 assists in 15.1 minutes in 51 games (five starts) as a rookie last season with the Los Angeles Clippers.