Marc Stein of ESPN.com has reported that the Memphis Grizzlies and point guard Damon Stoudamire have reached a verbal agreement on a contract buy-out that will make him a free agent next week.

The buy-out is scheduled to take place on Monday, and once Stoudamire clears the 48-hour wavier period he can officially sign with a new team.

The report was confirmed by NBA front office sources.