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Small forward Chandler Parsons will rejoin the Memphis Grizzlies after the team failed to trade him last week, per Shams Charania of Stadium.
According to the report, the sides will reunite following All-Star Weekend later this month.
The Atlanta Hawks were reportedly one of the teams the Grizzlies spoke with prior to the trade deadline.
Parsons has been a major disappointment since joining the Grizzlies, mostly because of injuries. He is still owed $38 million of a four-year contract worth a total of $94 million. That includes $25.1 million next season.
Parsons and the Grizzlies agreed to part ways in early January. He had been working out away from the team as he awaited a decision on his immediate future.
Parsons, 30, has appeared in just three games this season. The 6-foot-10 small forward is averaging just 7.0 points and 2.4 rebounds in his limited two-plus years with Memphis.
The Grizzlies traded center Marc Gasol to the Toronto Raptors, and power forward JaMychal Green and guard Garrett Temple to the Los Angeles Clippers last week.
In the process, they added center Jonas Valanciunas, guards Avery Bradley and Delon Wright, and swingman C.J. Miles.