Grizzlies Negotiating With Iverson

The Memphis Commercial Appeal reported on Friday that the Grizzlies are negotiating with free-agent guard Allen Iverson.

Iverson is also reportedly receiving interest from the Heat and Bobcats.

Memphis is mulling over a one-year offer worth $5 million, and a source close to the 13-year veteran said to "expect a resolution soon."

Hill generates interest, sticks with Suns

Grant Hill will return to the Phoenix Suns for $3 million next season and a player option for a second year, his agent said Friday.

Lon Babby said Hill received interest from seven teams, narrowed his choices to the Suns, New York Knicks and Boston Celtics and decided on Phoenix "largely because he feels he has unfinished business there. The Suns placed their faith in him. He didn't want to leave Phoenix on a sour note."

Stackhouse Waived By Memphis

The Grizzlies have waived veteran Jerry Stackhouse, just one day after acquiring him in a four-team, eight-player trade, according to an Associated Press report.

GM Chris Wallace announced the move Friday after Thursday's deal involving the Grizzlies, Mavericks, Raptors and Magic.

The Portland Trail Blazers have offered Utah Jazz free agent Paul Millsap

The Portland Trail Blazers have offered Utah Jazz free agent Paul Millsap a four-year contract worth between $32 million and $36 million, according to league sources.

The offer includes a hefty signing bonus that will make it difficult for Utah to match. The Jazz will be presented with the offer Saturday and have seven days to match because Millsap is a restricted free agent.

Ex-Blazer Frye to Phoenix

Free-agent forward Channing Frye agreed to terms with the Phoenix Suns on Friday, a source close to the process told ESPN.com.

Frye, who was with the Portland Trail Blazers the past two seasons, is believed to have signed a two-year, $3.8 million deal for the team's biannual extension and will have an option on his second year of the contract, a league source told ESPN.com.

The Cleveland Cavaliers were reportedly interested in signing Frye with the remainder of their mid-level exception, but the 2005 first-round pick of the New York Knicks decided to travel south to Phoenix.

Brandon Bass has signed with the Orlando Magic

The Orlando Magic have agreed to a four-year, $18 million contract with free-agent forward Brandon Bass.

NBA.com, which first reported the deal, said it included an escape clause after three years.

Bass is only 23, but has been in the NBA for four years -- two with the Hornets, the last two with the Mavericks. He averaged 8.5 points and 4.5 rebounds over 19.4 minutes per game last season.