ESPN and Stadium reported the Jazz will send forward Jae Crowder and shooting guards Grayson Allen and Kyle Korver to the Grizzlies. Utah also traded the 23rd pick in Thursday's draft and a future first-round pick.
Conley is the Grizzlies' longest-tenured player. He was the 4th overall pick in the 2007 NBA Draft and made the NBA All-Defensive Second Team in 2013.
After a left Achilles injury limited Conley to only 12 games in 2017-18, the veteran point guard averaged a career-high 21.1 points this season. He added 6.4 assists per game -- his most since averaging 6.5 in 2010-11 and 2011-12 -- and appeared in 70 of the Grizzlies' 82 games.
Allen averaged 5.6 points per outing in 38 games (two starts) as a rookie. Korver averaged 9.1 points in 54 games off the bench after a midseason trade with the Cavaliers and made 39 percent of his three-point shots.
Crowder served as the Jazz's sixth man, averaging 11.9 points and 4.8 rebounds in 80 games (11 starts).
Utah went 50-32 this season before losing to the Houston Rockets in the Western Conference Quarterfinals. Memphis went 33-49.