Former Rockets guard Von Wafer is close to leaving Olympiakos and returning to the NBA with the Memphis Grizzlies, one source told HoopsHype.com. Wafer's European agents are working today to rescind his contract with the Greek powerhouse. The 6-foot-5 guard could soon afterwards join the Grizzlies for the rest of the season, the source said.

Wafer's departure is apparently of mutual agreement. Wafer was due to make $2 million with Olympiakos this year but the team's coach, Greek legend Panagiotis Giannakis, wasn't playing him for the last few games. Management didn't want to have that type of investment sitting on the bench, according to the source, so both sides decided to come to a quick resolution.

Wafer had his best season in the NBA last year with averages of 9.7 ppg and 1.8 rpg.