Free-agent guard Troy Daniels is finalizing a three-year, $10 million contract with the Memphis Grizzlies, league sources told The Vertical.
The Charlotte Hornets and Grizzlies are completing a sign-and-trade agreement that will allow Daniels to join Memphis, sources said.
The deal will create a trade exception for the Hornets.
Daniels is a restricted free agent, and Charlotte had the right to match any offer for Daniels.
For Memphis, Daniels gives the Grizzlies a good shooting wing with three-point range. Daniels, 24, was undrafted out of Virginia Commonwealth in 2013 and worked his way from the NBA Development League into the NBA with stops in Houston, Minnesota and Charlotte.