Restricted free agent Tyus Jones has agreed to a three-year, $28 million offer sheet with the Memphis Grizzlies, his agent, Kevin Bradbury of BDA Sports, told ESPN on Sunday.
The Minnesota Timberwolves will have two days to match the offer sheet or Jones will be a member of the Grizzlies.
Memphis is using most of a $9.3 million mid-level exception on Jones, according to ESPN's Bobby Marks.
Minnesota would be roughly $750,000 to $1 million below the luxury tax if it matched the offer sheet, according to Marks. That figure includes 14 players under contract, including the partially/non-guaranteed contracts of Shabazz Napier and Treveon Graham.
The 23-year-old Jones averaged 6.9 points and 4.8 assists for the Timberwolves during the 2018-19 season.
Jones was the 24th overall pick in the 2015 draft by the Cleveland Cavaliers, but was traded to the Timberwolves for two second-round picks. During his career in Minnesota, he has averaged 5.1 points and 3.3 assists.