According to Woj, Valanciunas is set to return with the Grizzlies on a three-year deal.
Jonas Valanciunas was traded to the Memphis Grizzlies at a moment of excruciating uncertainty for the Memphis Grizzlies. Before engaging in a multi-player swap for Marc Gasol, Grizzlies' management had come to terms with the fact they'd reached their limit with the current group. That's not to say, the Memphis Grizzlies haven't been a competitive franchise for some time - they certainly have.
It's just that, overachieving franchises like the Grizzlies operate under a soft cap, with a majority of their accomplishment owing to organizational strength and the strong yield of their limited resources.
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Sadly, Valanciunas was traded just before the Raptors went on their championship run. By all accounts, Jonas has been doted upon as if he were the heir apparent to Marc Gasol as the franchise's center going forward. Although his weaknesses on the defensive end of the floor are readily apparent, if sheltered, Jonas' scoring acumen is rather unique for his position. The Grizzlies certainly think so.
According to Adrian Wojnarowski of ESPN, Valanciunas has agreed in principle to a deal that would pay him $45 million over three years. While the team won't be able to deem it official until the 6th of July, Woj is seldom wrong about these things. If you were to attach an electroshocker that gave out signals every time a Woj bomb came to fruition in Free Agency, you might end up permafried as a result.