The Grizzlies have rescinded their $3 million qualifying offer to Hakim Warrick, giving them more flexibility on the free-agent market.

Warrick shared time at power forward with Darrell Arthur last season, but Memphis acquired Zach Randolph this summer.

For the time being, Warrick will remain on the Grizzlies' cap at $6.2 million - 300 percent of his salary in 2008-09.

However, Memphis could move about $9 million below the cap if they fully renounce their rights to Warrick or move him in a sign-and-trade.

The move could pave the way for the Grizzlies to add Allen Iverson.

"I'm not a guy who says things automatically cannot happen, because funny things can start to happen in free agency. We haven't closed the door on anybody. It would be premature to do that," general manager Chris Wallace told ESPN.com. "We like Hakim and felt he contributed, but we wanted a little more flexibility going forward in free agency."