Marc Gasol announced on Twitter that he has reached a tentative agreement with the Grizzlies keeping him in Memphis.
Gasol tweeted on Monday night that he "can't wait to get on the court with all my teammates!"
The Memphis Grizzlies confirmed the agreement later, keeping a player general manager Chris Wallace called one of the franchise's cornerstones.
"Marc has been a Memphis basketball player ever since his high school days at Lausanne, and we're excited for him to continue his blossoming career with the Grizzlies," Wallace said in a statement.
The Commercial Appeal reported Gasol and the Grizzlies agreed on a four-year deal worth nearly $58 million US. The centre was a restricted free agent, and Grizzlies owner Michael Heisley had said they would match any offer for Gasol to keep together a team that lost to Oklahoma City in seven games in the Western Conference semifinals last spring.
Gasol teamed with Zach Randolph last season to help Memphis lead the NBA in scoring in the paint at 51.5 points per game.
The 26-year-old centre averaged 15 points and 11.2 rebounds in the Grizzlies' playoff run, an improvement from his averages of 11.7 points and 7.0, respectively, during the regular season.