ESPN.com reports the Memphis Grizzlies are rescinding their $3-Million Dollar qualifying Offer to Hakeem Warrick.
The move will give the Grizzlies more flexibility on the Free-Agent Market...possibly to sign Allen Iverson.
The 27-year old Warrick averaged more than 11 points and 5-Rebounds a game last season.
But he shared time with Darrell Arthur at Power Forward.
With Memphis acquiring veteran Zach Randolph, Warrick became both expendable AND expensive.
The Grizzlies could move as much as $9-Million under the cap if they formally renounce Warricks' rights, or mover him in a sign and trade.
Rookie sensation O.J. Mayo, speaking at USA Basketball Mini-Camp in Las Vegas, tells ESPN -quote- "If it's to make room for Allen Iverson, I definitely think it's a step forward."
Mayo adds: it gets him Excited the organization is going the right way.
The Grizzlies were considering a 1-year $5 Million Dollar offer for Iverson, a multi-time All-Star.