The Los Angeles Times reports: Clearing the way for No. 1 pick Blake Griffin, the Clippers have agreed to trade power forward Zach Randolph to Memphis for former Clipper Quentin Richardson, The Times learned today. Because of salary-cap rules, the deal can’t be completed until next week… With Richardson under contract for only this season, the deal gets them out from under Randolph’s contract, which has two seasons, worth $33.3 million left on it.

JULY 17 UPDATE: TRADE IS OFFICIAL

The Memphis Grizzlies acquired power forward Zach Randolph from the Los Angeles Clippers in exchange for guard/forward Quentin Richardson, Grizzlies General Manager and Vice President of Basketball Operations Chris Wallace announced today.

“We are pleased to acquire a player of Zach Randolph’s caliber,” Wallace said. “Zach is one of the best low-post scorers in the league and a force on the boards as well.  He will also bring much-needed experience to the team.”

The 6-9, 260-pounder averaged 20.8 points, 10.1 rebounds and shot 47.5 percent from the field over 35.1 minutes in 50 games (45 starts) last season with the Knicks and Clippers.  The 27-year-old was one of four players in 2008-09 to average over 20 points and 10 rebounds, joining Dwight Howard, Chris Bosh and Al Jefferson.

It marked the third 20-10 campaign in eight NBA seasons for Randolph, who has recorded 19.8 points and 9.8 rebounds in 388 games (368 starts) since becoming a full-time starter (2003-09).  In the Grizzlies’ 14-year history, only Shareef Abdur-Rahim has posted a 20-10 season (20.3 points, 10.1 rebounds in 1999-00).

The winner of the NBA’s 2003-04 Most Improved Player Award has averaged 16.7 points and 8.3 rebounds in 30.0 minutes on 46.6 percent shooting in 506 games (379 starts) in eight NBA seasons with the Clippers, the New York Knicks and the Portland Trail Blazers.

Randolph, who was previously acquired along with Mardy Collins by the Clippers from the Knicks on Nov. 21, 2008 in exchange for Cuttino Mobley and Tim Thomas, is one of only five players to average at least 17 points and eight rebounds in each of the last six seasons (Tim Duncan, Yao Ming, Dirk Nowitzki, Pau Gasol).  He’s averaged a double-double in each of the past three seasons, despite playing for three different teams, and has recorded 191 double-doubles since the 2003-04 season (eighth among NBA players during that span).

The Marion, Ind. native was originally selected with the 19th overall pick in the first round of the 2001 NBA Draft by the Trail Blazers after his freshman season at Michigan State University.  Randolph, nicknamed “Z-Bo,” scored a career-high 43 points on March 29, 2007 vs. Memphis as a member of the Trail Blazers.

Richardson was acquired by the Grizzlies from the Knicks on draft night (June 25, 2009) in exchange for center Darko Milicic.  The 6-6, 235-pound swingman averaged 10.2 points and 4.4 rebounds in 72 games (51 starts) last season, his fourth with the Knicks.

A nine-year NBA veteran, Richardson holds career averages of 11.5 points, 5.0 rebounds and 1.6 assists in 601 games (390 starts) with the Knicks, the Phoenix Suns and the Clippers, who originally selected him with the 18th overall pick in the first round of the 2000 NBA Draft.