Agent Jeff Austin of Octagon traveled to Memphis on Friday to meet with Grizzlies general manager Chris Wallace. Talks ensued throughout the day, but Austin cautioned in an email to Yahoo! Sports that it's “too early to tell if anything will come of it.”
Gay is seeking a five-year deal in the $50-60 million range, league sources say.
Talks between Memphis and Octagon have been sluggish for months, but the Grizzlies understand Gay will be the target of several teams with salary-cap space if he becomes a restricted free agent this summer.
Gay, 23, has averaged 16.7 points a game in three seasons with Memphis.