New York Knicks: Slavko Vranes, a 7-foot-5 center who has struggled for the Knicks during summer league, moved closer Wednesday to finalizing a buyout with his European team.

Vranes is one of two European big men chosen by the Knicks in the second round of last month's draft. The other, forward Maciej Lampe, had his best game of the summer league Wednesday with 21 points and four rebounds in a 103-101 triple-overtime victory over Dallas.

The Knicks are also trying to broker a buyout of Lampe's contract with Real Madrid of Spain, but New York is prohibited by NBA rules from contributing more than $350,000. Lampe's buyout clause carries a price tag of $2 million, he said.

"We're having conversations with both, and with Slavko we're making good progress,'' Knicks general manager Scott Layden said Wednesday.

Marc Cornstein, Vranes' agent, confirmed that a buyout was close to being finalized.

Memphis Grizzlies: The Grizzlies signed rookie free agent Theron Smith to a two-year contract Wednesday.

Smith, a 6-foot-8, 225-pound forward, is playing with the Grizzlies in the Summer Pro-Am League in Los Angeles. Through six games, he's averaging 14.8 points and 5.3 rebounds.

Financial terms of the contract were not disclosed.

"He has played just great,'' said Jerry West, president of basketball operations for Memphis. "I believe he has a real legitimate chance to make our team.''

Smith played only three games in his senior season at Ball State because of an injured right knee.

As a junior, he averaged 19.6 points and 10.9 rebounds.