The Grizzlies have been shopping Gay to multiple teams, and found an interested trade partner with the Suns, sources said.
There's no framework of a possible deal in place, but the Grizzlies have expressed a strong desire that any package involving Gay include Suns forward Jared Dudley and future first-round draft picks, sources said.
In an effort to avoid paying luxury tax in the short term, as well as get off the $17.8 million and $19.3 million owed Gay in the 2013-14 and 2014-15 seasons, new Memphis management has aggressively shopped Gay. The Grizzlies have made proposals on Gay to several teams, front-office sources told Yahoo! Sports.
Gay will make $16.4 million this year.
The Suns have been mindful of their financial state under Phoenix owner Robert Sarver, and there are still doubts within the organization they will ultimately be able to absorb the remainder of Gay's contract.
The Suns own the Los Angeles Lakers' first-round picks in 2013 and 2015.
Under new ownership and management, the Memphis front office is dubious these Grizzlies are constructed to contend for the Western Conference title, sources said. Owner Robert Para has turned basketball operations over to CEO Jason Levien.
Memphis is 22-10 and presently holding the fourth seed in the West.
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