9:19pm: The Cavaliers would appear to be an ideal trading partner considering the amount of cap space, draft picks, and young talent they have, but the Grizzlies have not had any discussions with them about Gay nor would they likely be interested in what Cleveland would be willing to concede (Sam Amico of FOX Sports Ohio reports).
6:25pm: Matt Moore of CBS Sports writes that the Grizzlies are said to only be interested in a salary dump and view draft picks as the only value return.
4:37pm: The Kings and Celtics are other teams that have had conversations with the Grizzlies about Gay, according to Alex Kennedy of HoopsWorld. Kennedy also points out that the Rockets and Raptors have shown interest in Gay in the past, and are candidates to re-enter the mix.
12:37pm: The Warriors also engaged in preliminary discussions with the Grizzlies about Gay, but talks didn't go anywhere, reports Marcus Thompson of the Bay Area News Group. The Warriors like Gay, but the Grizzlies aren't interested in taking on any of Golden State's bad contracts (ie. Richard Jefferson), and the Warriors likely don't have the combination of young players and draft picks that Memphis is seeking, according to Thompson.
Zach Lowe of Grantland reported last week that the Warriors had "long coveted" Gay, but said they didn't seem to be a good match as a trade partner for the Grizzlies.
11:04am: The Grizzlies and Suns are engaged in trade talks centered around Rudy Gay, reports Adrian Wojnarowski of Yahoo! Sports. According to Wojnarowski, there's no framework of a deal in place at the moment, but the Grizzlies have "expressed a strong desire" that any package include Jared Dudley and future first-round picks.
Grantland's Zach Lowe reported last week that the Grizzlies were willing to make Gay available for cap and tax purposes, and mentioned Phoenix as one team that could get involved. The Suns' room under the cap and extra first-round picks make them a decent match for Gay and the Grizzlies, though Wojnarowski notes that there are doubts within the Suns' organization about whether the team can absorb Gay's contract, which has two more years and over $37MM remaining on it after this season.
According to Wojnarowski, the Grizzlies have been shopping Gay to multiple clubs in an effort to avoid paying the luxury tax this season. The new ownership and management group isn't confident that the team, as constructed, is strong enough to contend for the Western Conference title, says Wojnarowski.