WEDNESDAY, 2:02pm: The Grizzlies have officially signed Greene, according to a team release.
TUESDAY, 12:14pm: After agreeing to sign Willie Reed and waiving Dexter Pittman on the weekend, the Grizzlies are expected to make one more roster move before the regular season ends, according to Ronald Tillery of the Memphis Commercial Appeal. Tillery tweets that the team will likely sign free agent forward Donte Greene.
Greene, 25, had been set to sign with the Nets last August before a fractured ankle sidelined him for several months, voiding his agreement with Brooklyn. Upon getting healthy, he reportedly drew NBA interest, but failed to land a contract. Last we heard, Greene was preparing to join a team in Puerto Rico earlier this month.
Like Reed's deal with the Grizzlies, Greene's contract is expected to include a non-guaranteed option for 2013/14, according to Tillery (Twitter link). That makes sense, since I would guess the club is getting a headstart on its Summer League squad and training camp roster for next season, rather than expecting Reed and Greene to play a role in this spring's playoff run.
Having waived Pittman, the Grizzlies won't need to make any further roster moves to clear room. Adding both Reed and Greene would give the team the maximum 15 players.