The Grizzlies haven't officially announced their free agent moves because they haven't officially cleared the required cap space to make them official. They have an opportunity to cut into that space and bring back a fan favorite player who was a integral part of transitioning into their current core.
Kyle Anderson signed a four-year deal with the Memphis Grizzlies in 2018, one month after the team drafted Jaren Jackson Jr. He earned the nickname "Slo Mo" for his unorthodox style of play that made him a beloved figure among the Grizzlies fanbase. He played out all four years of his contract with the team, which ended with him leaving in free agency following their most successful season in their current era (2021-22)
He was recently included in a three-team trade that landed him with the rebuilding Utah Jazz, who will likely be looking to move off of him. The Grizzlies have a need for depth and a veteran presence at the wing/tweener position between small forward and power forward, and Slo Mo could be a target to help them in the money books as well.
Kyle Anderson can lessen the blow of a potential Jaren Jackson Jr. missed time
Following the Grizzlies' flurry of moves to begin free agency, ESPN's Shams Charania announced that the team and recently acquired guard Cole Anthony were working towards a resolution to create the necessary cap space to extend Jaren Jackson Jr. 10 days have passed since then, and Cole Anthony has remained on the roster.
The language in that resolution didn't specify if he would be bought out, waived, or traded. However, inquiring about the availability of Kyle Anderson could provide the Grizzlies an opportunity to trade Anthony's $13.1 million salary for his $9.2 million salary to ease the blow of a potential Jaren Jackson Jr. absence to begin next season.
A move of that caliber, if Utah agrees to that deal, would cut nearly $4 million of the $10 million the team needs to clear to make the renegotiation and extension of Jackson Jr.'s $240 million contract official. Also, with the possibility that Jaren's turf toe injury could linger into the season, Anderson would provide familiarity at a position the team needs to solidify their depth in.
Kyle Anderson is only 31 years old and is still a serviceable player as a defender and playmaker at his 6'9" frame. The Grizzlies have a lot of youth on their bench right now at the wing and power forward positions, so bringing him back should be a realistic option for the team to begin their new transition.