Jason Williams has agreed in principle to sign with the Grizzlies, according to sources with knowledge of the situation.

Williams will join the team by Monday.

The Magic waived Williams on Jan. 26 after agreeing to part ways because of playing time concerns.

Williams will compete with Greivis Vasquez for minutes behind Mike Conley.

Memphis had wanted to claim Williams off waivers, but were asked not to due to his uncertainty about wanting to continue playing. Williams is a personal favorite of owner Michael Heisley, who requested the move.