POSTED: Feb 18, 2016 4:40 PM ET
The people told The Associated Press the teams reached agreement on the trade Thursday at the NBA trade deadline. The people spoke on condition of anonymity because the deal has not been announced.
Trade Deadline: Stephenson Highlights
Lance Stephenson is averaging 4.7 points and 2.5 rebounds this season.
Green has played 53 games with the Grizzlies this season and is averaging 12.2 points per game with 4.5 rebounds and 1.8 assists. Stephenson, a guard, has started 10 of his 43 games with the Clippers this season and is averaging 4.7 points per game. The Grizzlies will be Stephenson's fourth NBA team since entering the league for the 2010-11 season.
ESPN.com first reported the deal.
The Grizzlies traded for Green in January 2014 as part of a five-player trade with Boston and New Orleans. Green started 31 games this season for Memphis but had been coming off the bench in recent weeks. The 6-foot-9 Green has scored in double figures in 12 of the past 14 games, including a season-high 30 on Jan. 25 in a win against Orlando.
Green's contract expires after this season.
Trade Deadline: Green Highlights
Jeff Green is averaging 12.2 points and 4.5 rebounds per game this season.
With center Marc Gasol out indefinitely with a broken bone in his right foot, this is the second trade the Grizzlies have made since Tuesday rearranging the roster for a team that currently sits fifth in the Western Conference with a 31-22 record having made five straight playoff appearances.
The Grizzlies also traded guard Courtney Lee to Charlotte on Tuesday as part of a three-team trade with Miami that brought center Chris Andersen and forward P.J. Hairston to Memphis along with four second-round draft picks.