Boston would bring on Bayless' $3.1 million contract and shed Lee's salary from the books. Lee is owed upwards of $11 million over the next two years, while Bayless will become a free agent this summer, which opens up more cap room for the rebuilding Celtics.
Meanwhile, the Grizzlies gain a more productive outside shooter. Lee hits 44 percent from three-point range and should complement Memphis' inside-out style initiated by big men Zach Randolph and Marc Gasol. Memphis has been short on shooting this year, and Bayless wasn't the answer in that category by hitting just 37.5 percent overall.
The Grizzlies will use their $7.5 million in trade exception cash from the Rudy Gay trade of a year ago to pay for Lee's contract that runs through 2015-16.
Suns bring back familiar face
Going back to the future, the Phoenix Suns will sign Leandro Barbosa to a 10-day contract to replace the injured Eric Bledsoe. Barbosa spent his first seven seasons in the NBA with the Suns and won the 2007 Sixth Man of the Year award while acting as a bench spark plug behind point guard Steve Nash.
On Saturday, the Suns said Bledsoe's knee sprain would be re-examined in a week. Phoenix has started Gerald Green with Goran Dragic and has used rookie Archie Goodwin and journeyman point guard Ish Smith as reserves in two games -- a loss to Memphis and a win over Milwaukee -- since Bledsoe went down.
It figures that Barbosa will fit in well with former backcourt mate Dragic until Bledsoe's return.
Barbosa, 31, suffered an ACL tear last season with the Boston Celtics. The Celtics and then-assistant general manager Ryan McDonough, who is now the Suns general manager, traded Barbosa's contract to the Washington Wizards after the knee injury, and he's since become a free agent. Barbosa has been playing in Brazil.
Andrew Bynum deal looks more unlikely
The Cleveland Cavaliers and Los Angeles Lakers continue to discuss a trade of Pau Gasol for Andrew Bynum, but they remain far from reaching an agreement. The Cavs won't involve second-year guard Dion Waiters in any trade, but the Lakers want something more than the financial savings they'd get once they've traded for and then waived Bynum.
Yahoo! Sports' Adrian Wojnarowski reports Los Angeles wants an agreement by the end of Sunday. The Lakers and the Utah Jazz, who have discussed a swap of Bynum for Richard Jefferson and a second-round pick, want 48 hours to allow time for physicals to be passed. The trade must go through by Tuesday because Cleveland must waive or trade Bynum by then to avoid paying his $12.2 million owed rather than $6 million of this year's salary.
Wayns and Curry waived
The Los Angeles Clippers waived reserve guard Maalik Wayns and the Memphis Grizzlies did the same to guard Seth Curry, brother of Warriors guard Stephen Curry. Both teams could respectively re-sign the two players to 10-game contracts if they clear waivers.
The waivings allowed the teams to pay only part of each player's 2013-14 salary.
Franklin, Muhammad get D-League assignments
Minnesota Timberwolves rookie Shabazz Muhammad has been sent to the Iowa Energy in order to participate in the D-League Showcase event. Likewise, the Memphis Grizzlies shipped rookie guard Jamaal Franklin to the Fort Wayne Mad Ants.