The Memphis Grizzlies exercised the third-year contract option on Quincy Pondexter, guaranteeing his contract through the 2012-13 season, Chris Wallace announced.

Pondexter (6-6, 225) has averaged 4.4 points and 2.1 rebounds on .469 shooting in 14.9 minutes in 16 games this season after being acquired by Memphis from New Orleans on Dec. 24 for Greivis Vasquez. The 23-year-old scored a career-high tying 14 points on Jan. 8 at LA Lakers, sinking a career-best seven field goals.

Lionel Hollins isn't optimistic that Zach Randolph will be 100% this season.

The Grizzlies currently project him to return in March. Memphis has become more perimeter-oriented without Randolph.

"Anything is possible, but I don't believe that somebody with that kind of injury can come back in a shorter period of time than what they're talking about and be ready to produce," Hollins said. "You've got to heal, and then you've got to get in shape, and then you've got to start playing basketball again. The amount of time we're talking -- we're talking 35-40 games missed -- and it's really hard once the team has changed so dramatically for a person to come back in and be the same person.

"If it happens, I'll be happy. If he comes back, I'll be happy. But I don't think about those things. My thing is, 'I'll worry about it when we get to that bridge.'"

Rudy Gay has returned from his injury and has fit himself in with the way the Grizzlies reinvented themselves.

"I think I'm a better person [after his injury]," said Gay. "I think I'm more polished. What I went through was something made me sit back and think about how I can affect the game better -- me watching our team and knowing exactly what I need.

"Now I'm more capable of doing that. I spent a whole lot of time just being mad and being depressed and not playing. And then it kind of came to me and I realized how I can be effective, and the way I can be effective is to learn as much as I can so I can add that to my game."

Dwight Howard was named the Eastern Conference Player of the Week for games played Monday, Jan. 16, through Sunday, Jan. 22, while Marc Gasol took the honor in the Western Conference.

It marks the first time this season and the 18th time of his career that Howard has earned the league's top weekly honor.

Howard averaged 19.5 points, 18.8 rebounds, 2.8 assists and 2.8 blocks as Orlando went 3-1. Howard posted three point-rebound double-doubles, including back-to-back 20-point, 20-rebound games to close the week vs. the San Antonio Spurs and Los Angeles Lakers. 

Amid trade rumors, O.J. Mayo has been rediscovered by Lionel Hollins and the Grizzlies.

"I can play and I'm an offensive threat," Mayo said with renewed confidence. "It's not like I'm going to put it up every time. But I can make a play. At the end of the day, coach Hollins and I have grown. (The other day) coach drew up a play for me to go back door. But the (defender) dropped and I found Marc and Marc found Rudy and Rudy hit a three. It's just playing basketball and coach is preaching that every day. Just play ball. Just make the basketball play. That's what I'm trying to do."

Mayo has been extremely productive in coming off the bench as an instant scorer.

Assistant coach Barry Hecker calls Mayo the "Mempho-wave."

With Mayo, teammates also notice a player who is no longer tormented by constant trade rumors.

"He's had some time to block that out and understand that it's a business," forward Rudy Gay said. "You just have to play your game. He's a great shooter. That's what got him here. That's why he's here. And that's how he's going to help us."

Mayo will likely remain with the Grizzlies this season and become a restricted free agent this offseason.

"I'm happy in Memphis. Don't get it twisted," Mayo said. "I love the foundation we've built. This is my comfort. I'm good."

The Grizzlies are again discussing whether to deal reserve guard O.J. Mayo.

This time, Memphis has explored at least two trade scenarios with the New Jersey Nets over the past couple of weeks, according to two NBA sources.

The Nets are interested in acquiring Mayo for salary-cap reasons as they try to clear room to make a run at Orlando center Dwight Howard in the offseason. With that in mind, the Nets have offered fourth-year guard Anthony Morrow for Mayo.

The Nets have also offered point guard Jordan Farmar, a draft pick and cash in a separate package for Mayo.

Grizzlies forward Rudy Gay confirmed that he was told that he will be among 19 players vying for a spot on the U.S. Olympic team.

USA Basketball chairman Jerry Colangelo phoned Gay with the news. Colangelo said USA Basketball will announce all the players by the middle of this month. Gay will be part of a pool of players who will be considered for the U.S team at the London Games this summer.

The final 12-man roster and six alternates must be submitted June 18, before the NBA finals will be complete.

The Nets and Grizzlies have discussed a trade centered on O.J. Mayo, according to sources.

A deal appears unlikely at this point, says the source.

Grizzlies rookie guard Josh Selby is facing a misdemeanor marijuana possession charge after police found probable cause during an Oct. 5 incident at the University of Maryland.

The 20-year-old Selby has been summoned to appear in a Maryland district court Jan. 25.

"I have no comment about it," Selby said. "It is what it is."

The Memphis Grizzlies announced that Zach Randolph underwent a magnetic resonance imaging (MRI), which revealed a torn right medial collateral ligament (MCL).

Randolph (6-9, 255), who sustained the injury in the first quarter on Jan. 1 at Chicago, was seen and evaluated at the Campbell Clinic on Tuesday. His expected return to play is 6-8 weeks, according to team physician Dr. Fred Azar.