The Grizzlies would send their 25th and 28th overall picks to Minnesota for the Timberwolves' 16th pick.
While the Wolves appeared close to moving their lower picks, they appeared to be content staying at No. 4 with their first pick in Thursday's draft.
Team president David Kahn said Tuesday it is "highly unlikely" the team will deal the first of its three selections, either to move up in the draft or move down. He says that whoever is there at No. 4 on Thursday night will be a great player for the Timberwolves.
"The idea that we're thinking we have to move up to three is ridiculous," Kahn said. "We like four a lot. It'll be fine, no matter how it plays out. I can assure you, with almost near certainty, that we will not try to move up in these last few days of the draft into the top three."
"Whoever it is at four, we're going to have a really fine player joining our roster," Kahn said. "I'm really excited about the player we'll be getting, no matter who it is. I don't think I can really screw this one up."
The team also has the 23rd pick in the first round.
Information from The Associated Press was used in this report.