The Boston Celtics have reached a trade agreement that would send Courtney Lee to the Memphis Grizzlies in exchange for Jerryd Bayless.

ESPN first reported the agreement that is expected to be made official by the NBA on Monday.

The Celtics have been shopping Lee in the past few days in hopes of moving further from the luxury tax limit and gaining more financial flexibility in the next few seasons. The 28-year-old shooting guard is due to receive $11 million in the next two seasons.

Boston contacted several teams about their interest in the six-year veteran guard before striking a deal with the Grizzlies, who appeared willing to take on additional longterm salary to improve their guard rotation.

The Celtics were also high on what Bayless can bring to their team, while also having an opportunity to move on in case Bayless fails to reach expectations since the 25-year-old point guard is playing in the final year of his contract, which pays him $3.1 million this season.

Lee, who is expected to take a bigger role in Memphis, did not play in the Celtics' 119-96 loss to the Oklahoma City Thunder on Sunday in Boston. The former Western Kentucky standout then confirmed that he will be traded through a photo posted on his Instagram account.

The photo was captioned: "Would like to thank [everyone] in the Celtics organization for the opportunity to be a Celtic. I enjoyed my time in Boston and am grateful ... Would also like to thank the fans for the amazing year and a half journey. We started off a little rocky, but I got my game back right so thanks for the extra motivation."

Lee's teammates also reacted to the trade. Avery Bradley said that he was surprised upon learning that his backcourt teammate was traded to the Grizzlies after their game against the Thunder.

"We just all wished the best for each other. We're still going to be family. We just want to see one another do well, and he said that to everybody in here," Bradley told the Boston Herald. "Wherever he goes, we wish the best for him. It never is easy, but it's all part of the business."

Lee averaged 7.4 points on 49.2 percent shooting from the field and 44.2 percent from beyond-the-arc, while also tallying 1.6 rebounds and 1.1 assists in 30 games this season.