The Toronto Raptors have traded point guard Jose Calderon and forward Ed Davis to the Memphis Grizzlies for forward Rudy Gay and centre Hamed Haddadi.

Toronto is also sending a second-round draft choice in 2013 and cash considerations to the Grizzlies, who are flipping Calderon to the Detroit Pistons in exchange for forwards Austin Daye and Tayshaun Prince. “This is the type of deal we have been looking for to take our team another step forward,” said Raptors president and GM Bryan Colangelo in a statement. “Rudy Gay is a dynamic wing that elevates our talent level significantly.” Gay, the Grizzlies’ leading scorer, has been the subject of trade speculation throughout the season as Memphis looks to unload his hefty max contract. The sixfoot-eight small forward is due US$16.5 million this season with $37 million more over the next two years.