The Toronto Raptors and Memphis Grizzlies are moving closer to coming to an agreement on a trade centered on Rudy Gay.

The Raptors would send out both Jose Calderon and Ed Davis. Earlier reports have indicated that a future first round pick would also be included.

The Grizzlies have been working on finding a third team to take Calderon, with multiple league officials believing is nearly in place.

The front offices of each team are discussing the deal with their respective ownerships.