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The Magic are seeking a first-round pick and young talent for Redick, but interested teams such as the Pacers, Bucks, Bulls and Timberwolves have been hesitant to give up that much for a possible rental. The Grizzlies would almost certainly not offer that either, but they could provide the Magic with cap relief (due to the use of a trade exception), cash and a couple of second-round picks.
The move would make a ton of sense for Memphis, who could really use the shooting for a possible deep playoff run. Redick's $6.2 million contract would still keep the Grizzlies under the luxury tax this season, and with the salary cleared in the Rudy Gay trade, they could possibly re-sign him this offseason. Yahoo! Sports' Adrian Wojnarowski reports that Redick is going to look for a deal worth around $10 million per year, but it's more likely he gets one around $7-8 million annually.
What this boils down to is what Orlando is looking for in a Redick trade. If they truly are dead set on getting a good young player and a pick, then Memphis probably has no chance. But if other teams continue to balk at the Magic's demands, perhaps they would be more receptive to the Grizzlies' offer.