The Memphis Grizzlies are finalizing a trade that would send Jonas Valanciunas to the New Orleans Pelicans, sources told ESPN's Adrian Wojnarowski on Monday.
The Pelicans are sending Memphis center Steven Adams, guard Eric Bledsoe, the No. 10 overall pick and the No. 40 overall pick in this week's NBA Draft to Memphis for Valanciunas, the No. 17 pick and the No. 51 pick.
New Orleans is also sending Memphis a protected 2022 first-round pick from the Los Angeles Lakers.
The deal frees up cap space for New Orleans that would allow them to match an offer sheet for point guard and restricted free agent Lonzo Ball or potentially chase another free agent point guard.