The Grizzlies will also receive Jonas Valanciunas and a 2024 second-round draft pick from Memphis in exchange for the 7-foot-1 big man.
Initial rumours named both Valanciunas and Kyle Lowry in a potential deal for Gasol and Memphis point guard Mike Conley.
The NBA trade deadline has become a spectacle in recent years, and Thursday's deadline is sure to be no different.
His scoring has dropped off in recent years, but Gasol has still been good for 15.7 points per game this season, more than what Valanciunas has ever averaged and slightly less than what Ibaka is posting in what has been a career year. If Gasol does not opt out, the big man will make $25.5 million next season, per Spotrac.
A fan favourite in Toronto, Valanciunas showed flashes of promise with the Raptors but never fully materialized into a dominant centre.
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Grizzlies coach J.B. Bickerstaff said he doesn't expect all the trade rumors to be an issue with Conley.
Here's a look at the updated Raptors roster and projected starting lineup with Gasol.
One of the factors that seem to have made a Conley trade hard for Memphis is the speculation that he only wants to be traded to an Eastern Conference team.
"Markieff was an important part of our team during his time here, and we appreciate his contributions over the last four seasons". "I love Toronto and I want to stay here". Now the Bucks will be one of just two teams to have at least three players who attempt a minimum of six three-pointers per game.
They also lose Wright and Miles, the former a talented guy who does all the little things right but struggled to find a defined role on a deep team, and the latter a mercenary shooter who has unfortunately struggled this season to shoot.