Last week, Zach Lowe of Grantland reported that the Grizzlies put Gay on the trading block.
The reasons for doing this, according to Lowe, are that the Grizzlies are $4 million over the luxury tax and could remain that way for three seasons, drastically reducing their free-agent competitiveness.
Gay, who signed a five-year, $80 million deal with the Grizzlies in 2010, is one player who could be traded to alleviate the tax burden. The team has made this known and already teams are lining up to inquire about Gay's services.
The Minnesota Timberwolves were approached by the Grizzlies, but they quickly said "no thanks," according to 1500ESPN.com. It's unknown if the Grizzlies will try to approach the Wolves again.
The Washington Wizards are interested in Gay and have made inquiries, according to the Washington Post. Gay, who's averaging 17.8 points per game, might fit nicely with John Wall. The Wizards do have some assets to send Memphis's way, like Kevin Seraphin and Jan Vesley.
USA Today reported that the Los Angeles Clippers have expressed interest. While the Clippers, arguably the league's best team, don't need Gay, adding a scorer of his caliber would give them added depth and make them the absolute favorite to win a title. The Clippers could dangle talented Eric Bledsoe in return.
The Toronto Raptors might be the most interested in Gay. According to ESPN, the Raptors could offer Jose Calderon, Ed Davis and future draft picks for Gay. In that same report, it was revealed that the Raptors tried to acquire Gay before the 2012 NBA Draft, but those efforts were fruitless. The Raptors would benefit from Gay, adding a wing scorer and a top player to a team bereft of them.
Finally, the Phoenix Suns are interested in Gay. According to Yahoo! Sports, the Suns and Raptors are in preliminary discussions about a deal, centering around Jared Dudley and draft picks. The Suns need a scorer to boost their middling offense and Gay could be a perfect fit.
It's not yet clear if the Grizzlies are intent on trading Gay before the Feb. 21 deadline, but if they are they will have plenty of teams to choose from.