Nick Calathes has reached an agreement with the Memphis Grizzlies after the Dallas Mavericks traded the overseas prospect to Memphis for future draft considerations. Calathes is expected to sign a two-year deal worth just under $2 million with the Grizzlies, reports ESPN's Marc Stein, with a team option on the second year.
The Mavericks acquired Calathes' rights in the second-round of the 2009 NBA Draft, but he's spent the last four seasons overseas. He played in the Greek Basketball League for Panathinaikos for three years, then signed a two-year deal with Lokomotiv Kuban -- a club with the VTB United League in Russia -- in 2012.
Dallas had explored bringing in Calathes this June, but instead signed Israeli point guard Gal Mekel to a three-year deal. The Mavericks then received a 2016 second-round draft pick from Memphis in a trade for the rights to the former Florida Gator.
Calathes was named the 2012-2013 Eurocup MVP after averaging 12.9 points, 6.7 assists and 5.9 rebounds while leading Lokomotiv Kuban to the title. The 6'6 combo guard has an NBA-out with the club and will be allowed to join the Grizzlies.