The Grizzlies announced the move Saturday. They acquired Howard in a trade with Washington last month.
Howard still must clear waivers before he can sign with another team. The Associated Press and many media outlets reported Friday that Howard plans to sign with the Lakers, with whom he spent one eventful season in 2012-13.
Howard will bolster the Lakers' roster after the loss of DeMarcus Cousins, who tore a knee ligament in an offseason workout this month shortly after signing with Los Angeles.
Howard worked out for the Lakers and met with several players earlier this week before the team agreed to sign him.
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