Shane Battier may be on his way back to Memphis.

The Grizzlies and Rockets have entered serious discussions on a proposed deal that would sent Battier to Memphis for young center Hasheem Thabeet.

The deal appears to hinge on Memphis including a first-round pick to re-acquire Battier, who the team traded for Rudy Gay in 2006. The Grizzlies may try to enlist a third team to avoid dealing their own future selection.

The Grizzlies' own first-round pick is owned by the Jazz, but it is lottery-protected.

“We’re active,” general manager Chris Wallace said. “We’re trolling around. Maybe it leads to something, maybe it won’t. It’s tough to put a percentage on whether we’re doing a deal. Right now, I’d say it’s about 50-50.”