Bonzi Wells is a Sacramento King.

The Grizzlies exercised an $8 million team option Friday and agreed to trade Wells to Sacramento in a three-team deal involving the Utah Jazz, NBA sources confirmed.

The deal won?t be announced until the NBA?s moratorium is lifted because of a delay in finalizing the collective bargaining agreement.

Wells, though, will go to Sacramento for guard Bobby Jackson while the Kings will send Greg Ostertag to Utah.

The Jazz also will send forward Curtis Borchardt, and guards Raul Lopez and Kirk Snyder to Memphis.

The 29-year-old Wells was considered the best guard available now that Ray Allen, Michael Redd, Bobby Simmons, Larry Hughes and Cuttino Mobley have agreed in principle to sign new deals.

The Grizzles also had more than cursory conversations with Boston, Dallas, Washington, Detroit and Utah.

Griz president Jerry West has shopped for deals since Wells was unceremoniously and inexplicably removed from the team during the playoffs. The team also is seeking to move guard Jason Williams and would like to consummate a sign-and-trade deal with free agent guard Earl Watson.