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ESPN is reporting the Grizzlies are trading Rudy Gay to the Toronto Raptors.
ESPN reports the Grizzlies will acquire forward Ed Davis and veteran guard Jose Calderon from the Raptors and then move Calderon to a third team to ultimately make this a three-team deal.
More from ESPN: http://espn.go.com/nba/story/_/id/8898673/sources-memphis-grizzlies-agree-principle-trade-rudy-gay-toronto-raptors