The 34-year-old Gasol is a three-time National Basketball Association all-star who is averaging 15.7 points, 8.6 rebounds, 4.7 assists, 1.2 blocks and 1.1 steals a game in 2018.
The Grizzlies have been open to trading Gasol and star guard Mike Conley for a few weeks now.
The Toronto Raptors general manager has, in one swift move before Thursday's National Basketball Association trade deadline, changed the complexity of his team. Memphis discussed trades with multiple teams, but chose to keep its franchise point guard.
Gasol, 34, has been linked to a couple of Eastern Conference teams, but he's reportedly heading to the Toronto Raptors. He spent 11 seasons with the Grizzlies and is the franchise's all-time leader in points, rebounds, blocks and made field goals.
Jonas Valanciunas had been sidelined since December 12 (Dec. 13, PHL time) with a dislocated left thumb.
Toronto Raptors centre Jonas Valanciunas is expected to play Thusday against the Atlanta Hawks after missing the last 25 games recovering from a dislocated thumb. 14-year veteran CJ Miles has come on strong as of late and is averaging 5.5 points through 40 games this season. The former second-team All-American is averaging 8.0 points, 2.9 asissts, 2.9 rebounds and 20 minutes this season in his third season as an National Basketball Association reserve.
Valanciunas, 26, was drafted by the Raptors in the first round (fifth overall) of the 2011 National Basketball Association entry draft and is in his seventh season with the team. Valanciunas is a solid player, but he doesn't make much sense for the Grizzlies long term, and neither does Miles.
Valanciunas is in a similar spot with his contract and has a player option for next year that's just north of $17.6 million.