The Nets are considering a 'significant offer' for O.J. Mayo if they are unable to trade for Joe Johnson, according to sources.

Mayo is an unrestricted free agent after four seasons with the Grizzlies.

The Celtics, Pacers and Suns will also be in the mix for Mayo, according to Ken Berger..

The Grizzlies have declined to issue the qualifying offer to O.J. Mayo and Lester Hudson, but have done so with Marreese Speights and Darrell Arthur, according to a report from the Commercial Appeal.

Mayo's qualifying offer would have been worth $7.39 million and will now become an unrestricted free agent.

The Celtics are expected to pursue a sign-and-trade for O.J. Mayo, according to sources.

Boston will be willing to offer Brandon Bass to the Grizzlies in exchange. Bass opted out of his deal and will be a free agent.

The Grizzlies are considering trading the 25th overall pick for a young veteran player, according to a source with knowledge of the team's thinking.

Memphis passed on a chance to acquire Houston small forward Chase Budinger, who was traded to Minnesota in exchange for the 18th pick in tonight's draft.

Front office officials want to see who’s available at their pick before pulling the trigger on a deal.

"When you're picking 25th you don't know what your opportunities are going to be so you don't know what you'll do," owner Michael Heisley said. "If you trade, that pick could be part of that trade so you have to wait until you get in there and see what is happening and who is left."

The Grizzlies value draft prospects who excel at delivering production in specific categories.

"It's going to come down to the classic dilemma of whether you take need or talent and upside at what wouldn't be deemed a need position," Grizzlies general manager Chris Wallace said. "The further you go back in the draft the more you look for one thing that's a real identifiable, certified NBA characteristic a guy has -- whether its shooting, athleticism, rebounding, whatever -- something that will enable a guy to get on the court."

Memphis owns the 25th pick in the draft.

"You can't just pigeonhole yourself into a pick by saying we're going to take the best two guard available or the best three man available," said Tony Barone Sr., Griz director of player personnel. "This is a talent league so you always have to consider the most talented player at that pick. Needs come into it, but talent is really the bottom line."

An earlier report about the sale of the Grizzlies to Robert Pera already being in trouble of falling through by Mitch Lawrence of the New York Daily News is inaccurate.

Lawrence erroneously reported that Pera's net worth fell from $1 billion to $200 million over the last two weeks due to a severe change in the stock price of his Ubqiquiti Networks.

Pera agreed to buy the Grizzlies for $350 million.

Sources say Pera's net worth is well over $800 million.

Michael Heisley has reached an agreement in principle to sell the Grizzlies to Robert Pera.

Pera is a 34-year-old majority owner of Ubiquiti Networks and plays basketball several times per week.

Sources say that Pera intends to keep the team in Memphis. The Grizzlies' lease at the FedExForum, furthermore, ties the team to the city until the year 2021.

Pera splits his time between Taiwan and San Jose.

Heisley didn't consider selling to Larry Ellison, who sought relocation from Memphis.

According to a league source, Golden State, Charlotte, Toronto and Brooklyn have contacted the Grizzlies about the availability of Rudy Gay.

Grizzlies owner Michael Heisley said last week, however, that the team intends to keep Gay.

Michael Heisley said the Grizzlies have no intention of trading Rudy Gay.

“We’re not looking to trade Rudy Gay,” Heisley said. “We’re not shopping him around. Period. Do we sit around and say ‘What if we traded Rudy, who could we get?’ No. Right now, Rudy is part of the future of this team.”

Gay, who is going into the third year of his contract, averaged 19 points, 6.6 rebounds, 1.4 assists and 1.3 steals in the postseason.

“Yes, people have called us to ask about Rudy,” Heisley said. “Obviously, we need to seriously look at strengthening the team. But Rudy is the only player we have who can get his shot any time and any place on the floor. You can’t afford to get rid of him and not bring in somebody who can do more. I think Chris has to be open-minded about everybody on the roster. But I don’t know how else I can say this: There is no plan to trade Rudy Gay.”