Gilbert Arenas worked out for the Grizzlies on Monday and will sign a contract with the club for the remainder of the season, according to sources.

Arenas hasn't played since the Magic used their amnesty provision upon him in the offseason.

The Grizzlies are thin in the backcourt, as Jeremy Pargo and Josh Selby have been inconsistent.

The Lakers were also a candidate to sign Arenas, but their need diminished following their trade for Ramon Sessions.