OKLAHOMA CITY — The Celtics reached an agreement to send Courtney Lee to Memphis in exchange for Grizzlies guard Jerryd Bayless, a league source confirmed to the Globe Sunday.
The deal will give the Celtics a young, athletic perimeter player who has torched them in the past while, more importantly, giving the team more financial flexibility, which the organization covets in its new era of rebuilding.
A potential trade announcement was expected to come as early as Monday.
Lee, who wasn’t in uniform nor was he on the bench during the Celtics’ game against the Oklahoma City Thunder, posted a photo on his personal Instagram account and it included, in the caption, a message for Celtics fans. Full story for BostonGlobe.com subscribers.