The team announced both moves Thursday. Terms of Munford's contract were not disclosed.
Munford, who is 6-foot-3, has appeared in 10 games with the Grizzlies. The 23-year-old Munford has averaged 5.6 points, 1.9 rebounds and 0.9 assists in 14.2 minutes since signing the first of two 10-day contracts on March 16.
He had averaged 20.4 points, 6.4 assists and 4.2 rebounds in 41 games with the NBA D-League's Bakersfield Jam.
Hollins, who is 31, averaged 3.6 points, 2.7 rebounds and 12.9 minutes in 32 games with the Grizzlies this season. The 7-footer made nine starts for Memphis.