The Memphis Grizzlies reached a buyout agreement and waived guard Steve Francis, Grizzlies General Manager and Vice President of Basketball Operations Chris Wallace announced today.

The 6-3, 210-pound guard has not appeared in a game with the Grizzlies or Houston Rockets this season after he was acquired from Houston on Dec. 24, 2008 along with Memphis’ own 2009 second round draft pick and cash considerations in exchange for a conditional 2011 second round draft pick.

The 31-year-old former three-time All-Star (2002, 2003, 2004) has averaged 18.1 points, 5.6 rebounds and 6.0 assists 37.6 minutes in 576 career games (543 starts) in nine seasons with Houston, Orlando Magic and New York Knicks.

The Grizzlies’ roster currently stands at 13 players.