According to ESPN's Marc Stein, the Grizzlies have reached a two year deal with point guard Nick Calathes worth just under $2 million.
Calathes confirmed it by tweeting: "Excited to start the new year w/Grizz Nation."
The Grizzlies received the rights to the former Florida Gator in a trade with the Dallas Mavericks more than two weeks ago.
After failing to cash in on free agent point guards Mo Williams and Beno Udrih, the Grizzlies turned to the 6'6" Calathes for more depth.
They had until August 15th to complete the signing.
The 24 year old spent last season playing for Lokomotiv in Russia. Prior to playing there, he spent three seasons playing for Panthinaikos in Greece.
In 30 games with Lokomotiv, Calathes averaged 13.9 points, 6.1 assists and 4.3 rebounds per game while shooting 35.5% from three.