In a separate deal, the Raptors traded veteran center Greg Monroe and a 2021 second-round pick to the Brooklyn Nets in exchange for cash considerations. The 76ers and Bucks have also made major moves as the trade deadline nears, with the Sixers landing Tobias Harris and Milwaukee getting Nikola Mirotic.
Jonas Valanciunas had been sidelined since December 12 (Dec. 13, PHL time) with a dislocated left thumb.
Gasol, 34, has played his entire 11-year career in Memphis, earning three All-Star nods and helping establish the Grizzlies' famed "Grit and Grind" style.
Gasol has two years left on the five-year, $113-million deal he signed with the Grizzlies in 2015.
Even though Gasol is not the same defensive player he once was, this is a fascinating gamble for the Raptors, who are clearly all-in on winning the Eastern Conference.
Memphis may not be done making moves just yet. Keeping that in mind, the Raptors are a high caliber team that can use Gasol to boost their way to the postseason, finals, and a hopeful championship in Toronto.More news: Ariana Grande accuses Grammys producer of lying about performance negotiations
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Valančiūnas had previously weighed in on trade discussion stating that he wished to stay in Toronto.
"The Spurs offered me the same thing (contractually) as Charlotte, but it was more about the role", Parker said, during an interview with L'Espresso. Yes, they offered me something similar, but I did not want to finish assistant-coach.
Question marks are what the Raptors are all about.
Calderon, who played the first seven-and-a-half seasons of his National Basketball Association career with the Raptors, now plays for the Detroit Pistons.
Miles is averaging 5.4 points and 1.7 rebounds per game in 40 contests this year.
Wright, 26, was averaging 6.9 points, 2.6 rebounds, and 2.2 assists in a depth role with the Raptors this season. He was in his second season in Toronto, having joined the team during the 2017 off-season.