Calathes signed a three-year. $7 million deal with the Greek basketball club Panathinaikos on Tuesday.

While Calathes did officially sign the deal, he does have an NBA out clause until July 15, giving him the opportunity to strike a deal with a team until then. However, the more likely scenario is that Calathes doesn't receive many competitive offers and goes through with playing overseas, where he will likely serve a much larger role. In 58 games with the Grizzlies last season, Calathes averaged 4.2 points, 1.8 rebounds and 2.5 assists in just over 14 minutes per game.

Calathes is a restricted free agent after the Grizzlies extended a qualifying offer to him on Tuesday, Eric Pincus of Basketball Insiders reports.

This doesn't mean that the team is going to keep Calathes, as Memphis has reportedly been looking at the option of a sign and trade with the point guard should Calathes sign the offer sheet worth around $1.4 million. Regardless of how it happens, it is unlikely Calathes is back with the team's crowded point guard position consisting of Mike Conley, Ben Udrih and the newly acquired Andrew Harrison.

Calathes clarified Monday that he plans to remain in the NBA, HoopsHype reports. "The NBA is my first priority," Calathes said.

The restricted-free-agent-to-be played previously in Europe, and some speculation has recently surfaced suggesting he could return to play overseas next season. A Spanish report earlier in the week noted that Calathes had allegedly been offered a deal by FC Barcelona, but the backup point guard is yet to comment on the situation. Take Calathes' words at face value, but at this point it appears he'll seek another NBA contract before returning to Europe becomes a true option.

Calathes averaged 4.2 points (42.1 FG, 25.6 3Pt, 53.3 FT), 1.8 rebounds, 2.5 assists, 1.1 steals and 0.1 blocks in 14 minutes per game during 58 regular season games in 2014-15.

Calathes started the season finishing serving his suspension (Tamoxifen), and failed to overtake Beno Udrih for the backup point guard role, playing two fewer minutes per game than as a rookie in 2013-14. In 10 postseason games Calathes averaged 3.3 points (33.3 FG, 46.2 3Pt, 37.5 FT), 1.6 rebounds, 1.6 assists, 0.9 steals and 0.1 blocks in 13 minutes per game. The 26-year-old defensive specialist is set to become a free agent this summer.

Calathes did not receive any playing time in the Grizzlies' Game 2 win versus the Warriors on Tuesday.

With Mike Conley (face) able to play 27 minutes and Beno Udrih (ankle) earning the remaining 21 minutes at point guard in Game 2, it appears Calathes might have a hard time finding the floor this series now that Conley has returned.

Calathes struggled with zero points (0-4 FG, 0-1 3Pt, 0-2 FT), one rebound, two assists and three steals in 21 minutes during the Grizzlies' 101-86 loss versus the Warriors on Sunday.

To add insult to injury Calathes also turned the ball over three times. It's possible Calathes will retain his starting spot if Mike Conley (face) is unable to play in Game 2 on Tuesday. However, Beno Udrih (ankle) saw only 19 minutes in Game 1 and could take on a larger load of minutes. Further, the Grizzlies experimented running a no-point guard lineup late in Game 1.

Calathes will start at point guard Monday with Mike Conley (face) out.

Calathes played 27 minutes in Saturday's Game 3 win over Portland after Conley was forced out of the game. Calathes put up 13 points, four rebounds, and three assists in the game. Ben Udrih (ankle) arrived to the arena in a boot, but he will play off the bench.

Calathes went for 13 points (4-9 FG, 2-4 3Pt, 3-6 FT), four rebounds, three assists and one block in 27 minutes during the Grizzlies' 115-109 win versus the Blazers on Saturday.

Calathes was forced to step up with Mike Conley (face) and Beno Udrih (ankle) injured, and he delivered an impressive showing. Though Udrih will return to action and start Game 4 on Monday, Conley is without a timetable for his return. Expect Calathes to continue to seeing extended minutes so long as the Grizzlies back-court is banged up.

Calathes scored two points (1-1 FG) to go along with one steal in three minutes during the Grizzlies' 100-86 win versus the Blazers on Sunday.

Despite Mike Conley (foot) being less than 100 percent healthy, Calathes didn't receive much playing time with Beno Udrih going for a team-high 20 points. As long as Conley is healthy enough to play and Udrih is performing so well, it appears that Calathes' minutes will be limited.

Calathes contributed six points (3-4 FG, 0-1 FT), one rebound, seven assists and one steal in 21 minutes during the Grizzlies' 100-90 win versus the Jazz on Wednesday.

Though Tony Allen (ankle) and Beno Udrih (ankle) were able to play through their respective injuries, Calathes played three more minutes than Udrih. Vince Carter (foot) getting hurt has also opened up more time for Calathes of late, but stat lines like these will be few and far between for the sophomore reserve guard. As long as Udrih and Allen appear limited in any way by the injuries Calathes will likely continue to play a few extra minutes. The Grizzlies are back in action on Friday versus the Wolves.

Calathes played 27 minutes during Tuesday's win over the Mavericks, finishing with 13 points (4-8 FG, 2-3 3Pt, 3-4 FT), five rebounds, two assists and two steals.

Calathes played over 20 minutes for the first time since January 3 and was able to score in double figures for the first time this season. As soon as Mike Conley returns to action though, expect Calathes' minutes to return to his season average of 11.7 minutes per game. Unless someone ahead of him gets injured for a long period of time, Calathes will remain off the fantasy radar.

Calathes recorded four points (2-9 FG, 0-1 3Pt), two rebounds, five assists and one block in 23 minutes during the Grizzlies' 114-85 loss versus the Nuggets on Saturday.

Calathes hadn't seen the floor since December 21 versus the Cavaliers, as Beno Udrih (leg) has been eating up all the minutes behind starter Mike Conley. However, with Udrih dealing with a lower leg contusion and a sore ankle and knee, he was a late scratch, opening the door for Calathes to receive some playing time. If Udrih is forced to miss more time, it could allow Calathes the opportunity to earn more playing time even once Udrih returns. However, it's unclear how long Udrih will be out, and as long as Conley is healthy both players have limited upside. The Grizzlies are back in action on Monday versus the Knicks.

After Monday's DNP versus the Jazz, Calathes has sat out six of the 15 games since his return to the lineup back on Nov. 24. He is averaging 1.8 points (43.8 FG, 0.0 3Pt, 33.3 FT), 0.6 rebounds, 2.0 assists and 0.3 steals in eight minutes per game.

Calathes was averaging twice as many minutes per game as a rookie, but his suspension late last season forced the Grizzlies to sign veteran Beno Udrih, who has flourished this year as Mike Conley's primary backup, averaging 6.9 points (50.3 FG, 17.6 3Pt, 84.4 FT), 1.5 rebounds, 3.5 assists, 0.1 blocks and 0.5 steals in 18 minutes over the course of 27 games. Unless injuries strike the Grizzlies' backcourt, it appears Calathes is unlikely to match last year's minutes load.

Calathes played eight minutes during the Grizzlies' 107-91 win versus the Clippers, recording one rebound while missing his lone field-goal attempt, which was a three-point try.

It's not surprising that he didn't see much time on Sunday, especially since the Grizzlies were back at full strength after an illness forced about half the team to miss at least one game during the week. Calathes will likely be eased back into the rotation, as he hasn't played since the preseason, so it's probably wise to temper expectations until he starts to receive consistently considerable minutes.

Calathes has finished serving his 20-game suspension for violating the league's anti-drug policy (Tamoxifen), and is eligible to be in the active lineup versus the Clippers on Sunday.

Veteran Beno Udrih has been playing well, so coach Dave Joerger may opt to ease Calathes back since he hasn't played a game since the preseason. Still, Calathes brings enough to the table that it's possible he'll be thrust into decent minutes right away, and Joerger has already stated that he'll likely be employing more two point guard lineups upon Calathes' return.

Calathes (suspension) is set to make his return to the lineup on Sunday, Nov. 23 versus the Clippers.

The suspension an unfortunate thorn in an otherwise impressive rookie season, Calathes' return will be welcomed with open arms by the Grizzlies, who despite the 6-1 start have not gotten much bench production thus far. After posting averages of 4.9 points and 2.9 assists in 17 minutes per game as a rookie last year, Calathes contributed averages of 4.9 points and 2.1 assists in 15 minutes during seven preseason games in October before serving the final 13 games of his suspension (Tamoxifen) to begin 2014-15. Beno Udrih has been solid holding down the backup point guard minutes in Calathes' absence, but when Calathes returns he's likely to receive the majority of minutes behind starter Mike Conley. Still, Calathes is unlikely to receive enough playing time to warrant consideration outside of deeper leagues unless Conley were to suffer a serious injury.

The Grizzlies will keep Nick Calathes as their backup PG this season, despite his desire to sign a more lucrative contract in Europe.

Calathes will earn $816k during the 2013-14 season, minus whatever salary he forfeits while serving the 13 games left on his suspension for violating the league's drug policy. The Grizzlies made a good-faith effort to acquire another viable backup PG to replace Calathes, but at the end of the day they're under no obligation to release him from his cap-friendly deal.

Nick Calathes has informed the Grizzlies that he wants to return to Europe to play for Panathinaikos in Greece.

Calathes will have to stay in the NBA if Memphis picks up his $816k option for next season by July 15, though he'd face a 13-game suspension remaining from his violation of the league's anti-drug policy. He has reportedly been offered a three-year, $7.5 million offer to play in Greece, so it's not a surprise that he wants the Grizzlies to release him.

CSKA Moscow raised its offer to Nick Calathes to a three-year, $6.5 million deal.

This matches the offer from Panathinaikos in Greece, which is also much more than the two-year, 1.3 million he has with the Grizzlies. Calathes' contract is not guaranteed for this season and he also has 13 more games on his suspension from PEDs.

Nick Calathes will be suspended 20 games for violation of the NBA's Anti-Drug Policy.

The suspension starts now which means he won't be see postseason action. Calathes tested positive for Tamoxifen, an over-the-counter athletic supplement. He was solid this year and filled in admirably while Mike Conley was out earlier this season, averaging 14.7 points, 4.7 boards, 4.9 assists, 2.6 steals and 1.3 triples in his seven starts. Beno Udrih will back up Mike Conley, who figures to get more than 40 minutes per night vs. OKC in round one.