The Memphis Grizzlies are preparing to sign free agent guard Gilbert Arenas to a contract for the rest of the season, according to a report from Ronald Tillery of The Commercial Appeal.

Arenas last played with the Orlando Magic, but was cut loose via the amnesty clause before the season. He averaged better than 28 points per game from 2005 to 2007 with the Washington Wizards, but he averaged just eight points per game in limited playing time with the Magic.

Arenas could join the Grizzlies later this week.