The forward has averaged 5.7 points in 12.1 minutes in 10 games with the Grizzlies this season as he returns from microfracture surgery on his right knee. Memphis signed the seven-year veteran as a free agent on Dec. 13 and waived him Jan. 7.
The Grizzlies re-signed him Jan. 10 to a 10-day contract two days after Portland threatened possible legal action against any team signing the free agent. Miles' return put the Trail Blazers on the hook for $18 million and the two years left on his contract.
Memphis also signed Miles to a second 10-day contract on Jan. 20.
The 27-year-old Miles was the third overall pick in the 2000 draft by the Los Angeles Clippers, and has also played for Cleveland, which traded him to Portland midway through the 2003-04 season.