A league source tells CSNNE.com that the Celtics are close to completing a deal that will send Courtney Lee to the Memphis Grizzlies in exchange for guard Jerryd Bayless.
The deal is one that will give the Celtics additional salary cap flexibility moving forward and in the short-term.
Bayless is in the final year of a deal that pays him $3.1 million while Lee is in the second year of a four-year, $21.3 million contract he signed in 2012.
In order for the deal to satisfy CBA rules regarding trades, Memphis would have to include additional salary to make the trade work. One option for the Grizzlies would be to include big man Jon Leuer who earns $900,000 this season.
This season, Lee has averaged 7.4 points, 1.1 assists and 1.6 rebounds per game while Bayless has averaged 8.0 points, 2.0 assists and 1.9 rebounds per game.
The deal likely won't be completed until Monday when the league office opens and both teams complete the conference call necessary for deals to become official.
Celtics coach Brad Stevens told reporters that Courtney Lee would probably not play against the Thunder on Sunday night, though he did not confirm any talks of an impending trade.