General manager Chris Wallace announced the move Friday.
The 6-foot-6, 205-pound guard played six minutes Thursday night in Memphis' 104-83 loss to Atlanta.
Memphis originally drafted Wroten at No. 25 overall in 2012 after his freshman year at Washington. Wroten has played in 145 games, with 34 starts, in four seasons in the NBA with the Grizzlies and Philadelphia.
The Grizzlies currently have 19 players on the roster.