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Gay, Grizzlies still in negotiations

After making some progress in negotiations in recent days, the Memphis Grizzlies must submit a final proposal to Rudy Gay’s(notes) representatives on Monday for a chance to reach an agreement on a contract extension, league sources told Yahoo! Sports.

Gay, a 6-foot-9 forward, has been seeking an extension comparable to the five-year, $60 million deal the Indiana Pacers gave Danny Granger(notes) last year. Memphis has offered $50 million over five years in recent days, sources said, but will still need to close the gap before the NBA’s deadline on Monday.

One league source says a shorter contract – three years for $33 million-$36 million – has also been discussed with Gay’s reps from Octagon.

Five members of the 2006 rookie class – Toronto’s Andrea Bargnani(notes), Portland’s Brandon Roy(notes) and LaMarcus Aldridge(notes), Oklahoma City’s Thabo Sefolosha(notes) and Denver’s Renaldo Balkman(notes) – have agreed to extensions.

Without an extension, Gay will become a restricted free agent on July 1. There are multiple teams with significant cap space, and Gay could sign an offer sheet the Grizzlies would have to match to keep him.

Gay, 23, was the Grizzlies’ top scorer at 18.9 points a game last season.