UPDATE: According to Adrian Wojnarowski of Yahoo! Sports, sources indicate that one key hangup in the rumored Toronto-Memphis deal involving Rudy Gay is finding a third team to take Jose Calderon in the trade.

Wojnarowki adds: "As for finding a spot for Calderon, yes, teams have interest in him. Yet how much are they willing to contribute to MEM-TOR in 3-way deal?"

Which teams might make sense here? Dallas immediately comes to mind, given their desire to add a veteran point guard, but others like Boston and Utah both have a lot of trade chips and the need at point guard as well. They are three teams to watch here.

Several teams would like to acquire Rudy Gay and the one at the front of the line is apparently the Toronto Raptors, reports's Marc Stein.

According to Stein, the two teams are having active trade discussions. Toronto also has interest in Memphis' forward Darrell Arthur and their package to the Grizzlies could include Jose Calderon and Ed Davis.

The Raptors reportedly have Kyle Lowry and Andrea Bargnani available, too.

Memphis is now below the luxury tax line after the trade with Cleveland and they could stick with the current roster for the duration of this season.

Gay's name has been linked with Boston, however the Grizzlies likely don't want the aging Paul Pierce.

Anyone interested in taking a shot at with Calderon. Who knows maybe he would resign with us since we're a top team in the East. Certainly would help us in the turnover category and also would bring veteran leadership.