FRIDAY, 5:03pm: The Grizzlies have officially signed Arthur, the team announced in a release.
MONDAY, 8:00am: Ronald Tillery of the Memphis Commercial Appeal identifies the third year of Arthur's deal as a player option, and says the contract will be worth slightly over $9MM.
SUNDAY, 9:32pm: The Grizzlies will re-sign Darrell Arthur to a three-year deal for between $9MM and $10MM total, tweets Chris Vernon of 92.9 ESPN Radio in Memphis (hat tip to John Hollinger of ESPN.com). The deal includes an option for the third year, but it's not clear from the report whether that's a team option or a player option.
Signing Arthur, coupled with an earlier agreement with Marreese Speights on a two-year, $9MM deal, would bring the Grizzlies closer to the approximately $70MM luxury tax line, as they already have $62.5MM of guaranteed payroll for 2012/13.