Gasol, 34, is a three-time All-Star and was the league's Defensive Player of the Year in 2012-13. In 53 appearances this season, he's averaging 15.7 points, 8.6 rebounds, 4.7 assists, 1.2 blocks, and 1.1 steals while shooting 34.4 percent on 4.2 3-point attempts per game.
The Spaniard has played his entire NBA career in Memphis. He's the Grizzlies' all-time leader in points, rebounds, and blocks.
"We added a player that’s very savvy," Raptors president Masai Ujiri said Thursday night, according to The Athletic's Eric Koreen. "In the playoffs, you need experience ... you need a very strong basketball mind."
Gasol has a player option for next season worth $25.6 million.
Valanciunas was tied with Kyle Lowry as the Raptors' longest-tenured player, making his debut during the 2012-13 season after being selected fifth overall in the 2011 draft. The Lithuanian center is currently matching his career high of 12.8 points per game with 7.2 rebounds despite averaging just under 19 minutes per contest. He had been out since mid-December due to a thumb injury. The 26-year-old has a player option for $17.6 million for next season.
Wright, a 6-foot-5 point guard, is averaging 6.9 points, 2.6 rebounds, and 2.2 assists per game in his fourth NBA season. The 26-year-old will hit restricted free agency this summer.
Miles, in his 14th campaign, has struggled with the Raptors this season. His average of 5.5 points per game is his lowest output since 2007-08. The veteran small forward holds a player option worth $8.7 million for next season.