Report: Memphis close to signing Gilbert Arenas

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Memphis is the five seed in the West, a good team who just got Zach Randolph back in the lineup after missing most of the season with a knee injury. This is a team that knocked the Spurs out of the playoffs and pushed the Thunder hard last year — and is now better. A potential real threat in the West.

So why not bring in Gilbert Arenas and see how that goes?

That is just what the Grizzlies are doing, reports the Commercial Appeal.

Free agent guard Gilbert Arenas worked out for the Grizzlies this morning and the team is preparing to sign him to a deal for the rest of this season, according to sources close to the process.

Arenas appeared slender and shot the ball well during the workout. He is scheduled to take a physical this afternoon. All that would remain is for Arenas to pass the physical and agree to a prorated veteran’s minimum contract requiring the Griz to pay about $300,000.

Arenas is not with a team because Orlando used its amnesty clause on him before the season started.

Clearly the Grizzlies are not comfortable with a backup point guard of Jeremy Pargo or Josh Selby heading into the post season.

All reports of Arenas’ workouts — both for the Grizzlies and other teams — is that he has lost weight and is moving pretty well. He said he had the Kobe Bryant procedure on his knees. Him passing the team physical is not a given.

Arenas was absolutely terrible playing for the Magic last season, shooting 34.4 percent on the year. He had a PER of 8.6, which would get a rookie sent to the D-League. And is defense was actually worse than his offense. He was better the first part of the season in Washington, to be fair, but he was not good in either place.

The question now is how this plays in a locker room that already has plenty of characters with Tony Allen and Zach Randolph.

On the court this seems a low risk move — if he doesn’t play you sit him behind Pargo — but if you’re a good team this is a potential chemistry gamble. Is that really worth it? Apparently it is to the Grizzlies.