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Cole, 28, is playing professionally in China. He has an opt-out in his contract that allows him to return to the NBA.
The Grizzlies are seeking a point guard to help relieve the loss of injured starter Mike Conley.
Per the Associated Press, Conley will be out six weeks after suffering broken bones in his lower back. The injury occurred Monday vs. Charlotte.
Yahoo Sports reported the Grizzlies will bring in free agent point guards Will Bynum, Toney Douglas and Kendall Marshall for tryouts. Marshall is currently playing in the D-League; Douglas spent training camp with the Cavaliers.
Cole is 6-foot-2 and a native of Dayton, Ohio. Coming out of high school, he had initially planned to accept a football scholarship and play quarterback for Walsh University, a Division II program in Canton.
But he somehow ended up on the basketball team at Cleveland State — a last-minute decision that changed his life and launched a career in the pros.
Known primarily for defense, Cole has compiled NBA career averages of 7.1 points and 2.8 assists in six seasons (four with Miami, two with New Orleans).
The Cavs expressed an interest in Cole in the offseason. He is no longer represented by Rich Paul, the Cleveland-based agent for LeBron James, Tristan Thompson and J.R. Smith.