The Grizzlies announced earlier Monday that they have given agent Bill Duffy permission to search for a new home for Jaric after the sides mutually agreed that the 30-year-old would not attend Memphis' training camp in Birmingham, Ala, or play in preseason games.
The reality, though, is that securing a trade partner willing to take on the final two of years of Jaric's contract -- valued at nearly $15 million -- is highly unlikely at a time when so many teams are averse to taking multiyear contracts and after Jaric barely played last season.
In 53 games, Jaric averaged just 2.6 points in 11.4 minutes per game and shot 33.1 percent from the field.
"This is pretty much a mutual thing," Jaric's agent, Bill Duffy, said Monday. "Very much cooperative between the Grizzlies and us. We would also likely consider a buyout if a trade is not tenable. This just gives us freedom to look around."
In a statement issued as part of the club's media day program, Grizzlies general manager Chris Wallace said: "With the offseason additions of Allen Iverson, Marcus Williams and Sam Young, our backcourt has become crowded. "Therefore we have agreed with Marko Jaric and his representatives that he is permitted to seek out another situation that will provide him with a better opportunity to play. Marko is a proven NBA player and is deserving of such an opportunity."
Jaric -- due to earn $7.1 million this season and $7.6 million next season -- is not the only veteran who has been cleared to skip camp with his current team in hopes of landing elsewhere. The Minnesota Timberwolves have granted the same privilege to center Mark Blount and guard Antonio Daniels.
Blount ($8 million) and Daniels ($6.6 million), however, are both in the final year of their respective contracts and thus slightly easier to move -- or buy out -- than Jaric.
Marc Stein is a senior NBA writer for ESPN.com.