The Memphis Grizzlies and Jaren Jackson Jr. have agreed to a five-year, $240million contract extension, ESPN reported on Monday.

Jaren Jackson Jr. is reportedly expected to sign a massive renegotiation-and-extension with the Memphis Grizzlies

BREAKING: The Memphis Grizzlies and All-Star Jaren Jackson Jr. are expected to agree on a five-year, $240 million maximum renegotiation-and-extension, sources tell ESPN. Head of CAA Basketball Austin Brown and CAA agent Max Saidman negotiated the new agreement with the Grizzlies.

The Memphis Grizzlies plan to move on from Cole Anthony to create cap space for a Jaren Jackson Jr. extension as Cam Spencer inks new deal.

The Memphis Grizzlies and Cole Anthony’s reps at Excel Sports are working toward a resolution that allows Memphis to create the necessary cap space to renegotiate and extend Jaren Jackson Jr. while giving Anthony the opportunity to find his next destination, sources tell ESPN.

The Memphis Grizzlies and former UConn men's basketball national champion Cam Spencer have agreed to a new two-year, $4.5 million, fully guaranteed contract, according to ESPN’s Shams Charania. Spencer, 25, just finished his first professional season.