From Marc Stein of ESPN
Stein also reports the Grizzlies plan to flip Calderon to a third team, with the Pistons at the front of the line to acquire the Spaniard. The Gay-to-Toronto trade has been bubbling under the surface for a while, but it finally appears as if it's done. Gay's value should go up since he'll be the primary option in Toronto, with Kyle Lowry also getting a boost since he'll no longer be sharing time. Calderon's value depends on where he lands, but any full-time starting role should make him a must-start. Unfortunately, the biggest loser here appears to be Davis, who will likely enter a reserve role behind Zach Randolph.