WEDNESDAY, 2:01pm: The Grizzlies have officially signed Reed, the team announced in a press release.
SUNDAY, 5:27pm: Reed's deal will be a multi-year, non-guaranteed pact, according to Ronald Tillery of the Commercial Appeal (on Twitter).
3:17pm: The Grizzlies have signed Willie Reed for the remainder of the season, agent Joel Bell tells Shams Charania of RealGM (via Twitter). Reed, 22, played two seasons at St. Louis before going undrafted in the 2011 NBA draft.
Reed averaged 14.8 points, 7.8 rebounds and 1.8 blocks for the Springfield Armor of the NBA Developmental League. Terms of Reed's deal beyond the 2012/13 season are currently being worked on between the Grizzlies and Bell.