AP Source: Rudy Gay headed to Toronto

A person with knowledge of the deal tells The Associated Press the Memphis Grizzlies have agreed to trade swingman Rudy Gay to the Toronto Raptors.

The Raptors gave up point guard Jose Calderon in the deal, though it appears he is headed to a third team other than the Grizzlies, the person said. The person spoke on the condition of anonymity because the deal had not yet been announced.

Gay signed a five-year, $82 million maximum contract in July 2010 with Memphis, and the 6-foot-8 small forward is due $16.5 million this season with $37 million more over the next two years.

He is leading the Grizzlies with 17.2 points per game and 36.7 minutes played. But he also is having his worst season shooting 40.8 percent from the floor.