The Memphis Grizzlies continue to field calls from teams interested in Rudy Gay and are engaged in active trade discussions with the Toronto Raptors, sources with knowledge of the talks told ESPN.com.
Although the framework of a workable trade has not yet been established, sources told ESPN.com that Toronto -- known to be perhaps Gay's most determined suitor -- has continued to make a hard push for the swingman.
The Grizzlies, though, maintain that last week's luxury-tax-slashing trade with Cleveland means they no longer feel the same pressure to move Gay or another high-priced player before the NBA's Feb. 21 trade deadline.
New Grizzlies CEO Jason Levien told local reporters late last week that "we really like our team" and that it is "more likely than not that we do nothing" in terms of breaking up Memphis' marquee foursome of Gay, point guard Mike Conley, forward Zach Randolph and center Marc Gasol.
But sources say that the Raptors, undaunted by that stance, continue to pursue Gay and also covet Grizzlies forward Darrell Arthur. Toronto, sources said, has made veteran point guard Jose Calderon and blossoming young forward Ed Davis available as the two cornerstones of its offer.
Other teams remain engaged with the Grizzlies as well, as Memphis officials continue to weigh whether it is best to trade Gay or keep together the core of a team that has ranked among the top four in the Western Conference.
If talks with the Raptors do progress, according to sources, it's possible that a trade with Memphis could expand to include other teams and players. NBA front-office sources have maintained for weeks that Calderon (who has an expiring contract), fellow Raptors point guard Kyle Lowry (only $1 million in guaranteed salary next season) and former No. 1 overall pick Andrea Bargnani all are available.