It could also mean veteran forward Zach Randolph is on his way out, too.
Both players have been mentioned as trade chips for the Grizzlies, who are reportedly looking to alter the scope of their roster amidst new management. The frontcourt tandem makes up Memphis' two highest earners. Any move involving them will free up some cap space could clear the way for younger, less expensive additions.
Gay has not turned into the dynamic player that he was tabbed to be, though at age 26, he is still improving as a player. Randolph, 31, has battled knee issues and has undergone two surgeries as he enters the twilight phase of his career.
The Grizzlies' new ownership is looking for ways to mitigate the looming luxury tax issues the team will face if they keep their current roster intact.