Grizzlies make offer to Iverson

Allen Iverson twittered again Wednesday, saying the Grizzlies have made him an offer -- and Memphis says it's true.

Grizzlies general manager Chris Wallace told ESPN.com Wednesday night that negotiations between the sides have heated up to the point where the Grizzlies have made their first formal offer.

"We're heading into the home stretch before the season, and we have had interest in Allen all summer," Wallace said. "We've been in touch on a fairly consistent basis and had dialogue with his agent, Leon Rose, since the beginning of free agency."

Iverson is one of the most high profile, unrestricted free agents remaining on the market, and there were reports in recent days that he was leaning hardest toward reuniting with his old coach, Larry Brown, with the Charlotte Bobcats.

But the Bobcats are for sale and are under severe financial constraints, and Iverson's other strongest suitor -- the Miami Heat -- is already more than $3 million into luxury tax territory and has not been willing thus far to make Iverson a substantial financial offer.

Memphis is approximately $3.5 million under the salary cap for the 2009-10 season and thus could easily outbid Charlotte and Miami for the services of the 10-time All-Star, whom Grizzlies owner Michael Heisley sees as a strong gate attraction.

Wallace would not disclose the size of the offer or what kind of a time table he is on.

"We'll probably add another guard at some point, but we don't need to rush to do it," Wallace said.

Iverson played in only 57 games between Denver and Detroit last season due to injury and averaged a career-low 17.5 points per game.

Chris Sheridan covers the NBA for ESPN Insider.