Toronto is acquiring Grizzlies center Marc Gasol in the first blockbuster of trade deadline day, ESPN.com reports.
It's a bit surprising that this was all they were able to get back for Gasol, but the big man is clearly past his prime and could opt-in to a player option for next season for $25 million.
The Raptors are hopeful the addition of Gasol, a three-time All-Star who's averaging 18 points and eight rebounds, will give them even more firepower heading into the playoffs.
A fan favourite in Toronto, Valanciunas showed flashes of promise with the Raptors but never fully materialized into a dominant centre.
According to Marc Stein of The New York Times, the Toronto Raptors are no longer pursuing Conley while a potential deal with the Detroit Pistons does not appear to be in the cards.
Gasol spent his teenage years in Memphis after his brother, Pau, was traded to the club in 2001 and blossomed into a high school basketball star before his 11-year run with the organization.
Gasol is the best player in Memphis franchise history.
Gasol is eligible to become a free agent this offseason if he opts out of the final year of his $25.5 million contract due next year. He had surgery after suffering a dislocated left thumb on December 12 and has not played since. Miles, 31, has been a disappointment, scoring just 5.5 points, 1.7 rebounds, and 0.6 assists per game. He averaged 6.3 points in 36 games with Memphis this season.