"The Memphis Grizzlies and restricted free-agent Rudy Gay have agreed in principle on a five-year contract, The Commercial Appeal has learned.

NBA sources indicated that Gay will sign the deal on or soon after July 8 when teams are allowed to finalize contracts.

Gay’s starting salary will be the maximum allowed a player with his experience – projected to be roughly $13.3 million – according to sources.

Gay, 23, was supposed to visit the Minnesota Timberwolves this afternoon but canceled the trip. The 6-8 forward will not visit any potential suitors.

The Grizzlies insisted that they would match any offers for Gay after failing to come to terms last fall. Gay turned down a five-year, $50 million offer from the Griz last October."