The deal saves the Grizzlies about $3.1 million in salary-cap space, according to ESPN. Memphis is expected to waive or trade Howard after the trade is finalized.
Howard averaged 12.8 points and 9.2 rebounds per game in nine contests with the Wizards last season. The big man sat out a majority of the 2018-19 campaign after undergoing spinal surgery to relieve pain in his glutes.
The Orlando Magic selected Howard with the No. 1 overall pick in the 2004 NBA Draft. He has averaged 17.4 points and 12.6 rebounds per game across 15 seasons with the Los Angeles Lakers, Houston Rockets, Atlanta Hawks, Charlotte Hornets, Wizards and Magic.
Miles averaged 6.4 points and 1.8 rebounds per game in 53 contests between the Toronto Raptors and Grizzlies last season. Since entering the league as a second-round pick in 2005, he has spent time with the Utah Jazz, Cleveland Cavaliers, Indiana Pacers, Raptors and Grizzlies.