The Memphis Grizzlies are finalizing a deal to send Jonas Valanciunas and the No. 17 and No. 51 pick in the 2021 draft to the New Orleans Pelicans for Steven Adams, Eric Bledsoe, and the No. 10 and No. 40 pick, sources told ESPN's Adrian Wojnarowski.

Memphis also reportedly receives a protected 2022 first-round pick via the Los Angeles Lakers.

Bledsoe could be on the move yet again, as he's not expected to remain in Memphis following the trade, sources told Chris Haynes of Yahoo Sports.

For the Grizzlies, the pending transaction offers an opportunity to vault into the top 10 of a draft stacked with first-round talent, while the Pelicans are set to clear cap space and rid themselves of a pair of weighty contracts.

Adams, 28, was set to earn $17 million this coming season with the Pelicans, while Bledsoe, 31, was due to receive $18.1 million. Valanciunas, who turned 29 in May, is set to pocket $14 million this season.

The Pelicans can now match an offer sheet on Lonzo Ball or seek a veteran point guard like Toronto Raptors star Kyle Lowry with the cap space they've created, adds Wojnarowski.

The 2021 NBA Draft goes Thursday evening at the Barclays Center in New York City.