Sunday , Jan , 27 , 2008 C.Y. Ellis

Damon Stoudamire Bought out by Memphis Grizzlies

Damon Stoudamire and the Memphis Grizzlies have reached a tentative agreement on a contract buyout to become official on Monday, the team announced Saturday.

After the Grizzlies formally release him, Stoudamire would then have to clear a 48-hour waiver period before choosing his new team. But the 34-year-old is expected to go unclaimed.

Elite teams such as the Boston Celtics and Phoenix Suns have already registered strong interest in Stoudamire, with the Celtics ranking as the favorite to land him, according to NBA front-office sources. But reported earlier this week that Stoudamire is also intrigued by the idea of signing with the Toronto Raptors and returning to the franchise that drafted him and gave him the platform to win NBA Rookie of the Year honors in 1995-96. [Click here for more from ESPN.]