Ronald Tillery of the Memphis Commercial Appeal reports:

Grizzlies will re-sign Rudy Gay

The Memphis Grizzlies and restricted free-agent Rudy Gay have agreed in principle on a five-year contract, The Commercial Appeal has learned.

Multiple NBA sources indicated that Gay will sign the deal on or soon after July 8 when teams are allowed to finalize contracts.

Gay’s starting salary will be the maximum allowed a player with his experience – projected to be roughly $13.3 million – according to sources.

Gay, 23, was supposed to visit the Minnesota Timberwolves this afternoon but canceled the trip. The 6-8 forward will not visit any potential suitors.