According to various reports so far this year, the Grizzlies have been at least gauging the value of Rudy Gay, Zach Randolph, and other players on their roster, if not shopping them outright. However, it doesn't appear that Memphis will be making a deal anytime soon. Ronald Tillery of the Memphis Commercial Appeal reports (via Twitter) that the Grizzlies are currently in a "holding pattern" on trade talks, with nothing imminent and no serious discussions taking place.
The news isn't surprising, as recent reports on Gay have suggested that the team is now leaning toward keeping the veteran forward rather than moving him. I expect that's due at least in part to the fact that teams aren't likely to present their best trade offers with the trade deadline still five weeks away. Tillery notes in his tweet that Memphis expects to receive more serious offers close to February 21st.
I looked into the Grizzlies' cap situation yesterday, explaining why the team is considering moving Gay or another player. As I noted, besides the team's core four players (Gay, Randolph, Marc Gasol, and Mike Conley) and Marreese Speights, there isn't a single player on the roster that could be traded by himself to get the Grizzlies under the tax line for 2012/13. As such, the Grizzlies may look to make a deal, either before the deadline or over the summer, that will get them out of the tax for future seasons, rather than this season.