Wojnarowski is also reporting the deal could be potentially expanded to include Tony Allen and Timberwolves backup Point Guard J.J. Barea.
Allen is coming off a wrist injury that caused him to miss the last 20 games. Tayshaun Prince's contract hits the Grizzlies salary cap at more than 7 million for the next two seasons. Prince has only averaged 6.1 points per game this season.
J.J. Barea is averaging 8.7 PPG in 18 minutes this season, while Chase Budinger is averaging 6.1 in 17.7 minutes per game.