Memphis will keep guard Mike Conley following Thursday's trade deadline. Memphis discussed trades with multiple teams, but decided to keep its franchise point guard. Both teams have yet to confirm the deal.
The 34-year-old Gasol is averaging 15.7 points per game, 8.6 rebounds and a career-high 4.7 assists. He spent 11 seasons with the Grizzlies and is the franchise's all-time leader in points, rebounds, blocks and made field goals.
Valanciunas is averaging 12.8 points and 7.2 rebounds this season with the Raptors. The 7-foot big man had surgery for a dislocated thumb Dec. 12, and hasn't played in a contest since his procedure.
The Raptors selected Wright with a first-round pick in the 2015 NBA Draft. He is averaging 6.9 points, 2.2 assists and 2.6 rebounds in 18.3 minutes per game this season.
The 31-year-old Miles is averaging 5.5 points and 1.7 rebounds in the 2018-19 campaign.
Valanciunas, Miles and Wright can enter free agency next season. Valanciunas and Miles have player options, and Wright will become a restricted free agent.
Gasol has a $25.6 million player option for next season.