After missing deals with Scottie Pippen and Ira Newble, the Grizzlies turned to Houston Rockets free agent James Posey Tuesday and agreed to sign the swingman to an offer sheet.

Houston television and radio reports indicate that Posey will accept a four-year contract from the Grizzlies.

"We have an understanding and that's all I can say about that," Posey's agent, Mark Bartelstein told the Houston Chronicle.

Although the offer sheet hadn't been signed Tuesday, the Griz could announce today their intent to employ Posey. Bartelstein and Griz president Jerry West did not return phone messages left by The Commercial Appeal.

"I think I made the best decision for myself and for my future," Posey told Houston media Tuesday. "It was more than what the Rockets put on the table."

It is believed that the Griz offered Posey more than half ($3-$3.2 million for the first year) of their $4.9 million midlevel exception.

The Rockets made Posey a qualifying offer starting at $2.445 million. Because Posey is a restricted free agent, the Rockets have 15 days to match the Grizzlies' offer. However, the Rockets may be hesitant to keep Posey at a higher rate so they can stay below the NBA's luxury tax threshold.