The Grizzlies have agreed to trade Marreese Speights, Wayne Ellington, Josh Selby and a future draft pick to the Cleveland Cavaliers for Jon Leuer, a source confirmed Tuesday morning.
The move, which will save roughly $6 million, will allow Griz management to avoid a $4 million luxury tax bill this season.
The future pick is a protected first-round pick in 2015. The Grizzlies will also receive a $6.4 million trade exception that they can use to sign a free agent or balance a trade. The exception expires in a one year.
The Grizzlies are expected to sign two free agents to fill out their roster. With this trade, the team has 11 players on the roster.
Convoluted language in the collective bargaining agreement gave Speights the power to approve or veto a trade once he signed a two-year contract last summer. Speights approved the trade because of his dissatisfaction with playing time. He averaged 14.5 minutes in 40 games, including two starts, for the Griz this season.
Speights is averaging 6.5 points on 42-percent shooting and 4.7 rebounds.
Leuer, a 6-10 forward, is in his second NBA season after playing his college ball at Wisconsin. His career averages are 4.4 points and 2.4 rebounds in 11.7 minutes per game. He played 46 games last year for Milwaukee -- he was picked 40th overall by the Bucks in 2011 -- and has played nine games for the Cavs this year after being claimed on waivers.
Speights, a 6-10 forward, was acquired from Philadelphia on Jan. 4, 2012 in a three-team deal. Ellington, a 6-4 guard, came to the Grizzlies last offseason when Dante Cunningham was traded to Minnesota. He averaged 5.5 points and was making 42 percent of his 3-point attempts. Selby, a 6-2 guard, was picked in the second round by the Grizzlies in the 2011 draft. Bouncing back and forth between the Grizzlies and the NBA Developmental League, he has appeared in just 10 NBA games this season.