The Toronto Raptors have reportedly agreed to a trade with the Memphis Grizzlies that will send veteran center Marc Gasol north of the border in exchange for Jonas Valanciunas, Delon Wright, CJ Miles and a 2024 second-round pick.

The Raptors are currently second in the Eastern Conference with a record of 39-16, while the Grizzlies rank among the worst in the league at 22-23.

Gasol, 34, is averaging 15.7 points, 8.6 rebounds and 4.7 assists in 53 games this season. He can become a free agent this summer by opting out of the final year of his $25.5 million contract for the 2019-20 season.

Valanciunas, 26, has missed Toronto’s last 25 games with a thumb injury, but was scheduled to return to the lineup tonight in Atlanta. The Raptors even tweeted out "I'm Back" with a photo of Valanciunas, just a couple of hours before he was traded to Memphis.

Several teams near the top of the Eastern Conference standings have made major moves as the 3pm trade deadline approaches, including the Philadelphia 76ers, who landed Tobias Harris earlier this week, and the Milwaukee Bucks, who acquired Nikola Mirotic in a deal with the Pelicans just moments before the Raptors-Grizzlies deal was announced.

Memphis may not be done making moves just yet. The team is also looking to trade veteran point guard Mike Conley and multiple teams are reportedly interested, including the Utah Jazz.

(Photo by Andy Lyons/Getty Images)