In return, Chicago will receive guard MarShon Brooks, guard Wayne Selden and two second-round picks, according to the report. The picks are the Grizzlies' second-rounders in 2019 and 2020.
Holiday's exit was expected, as he's in the final season of his contract and didn't fit the team's timeline for contention. He's averaging 11.6 points and shooting 35.9 percent on 3-pointers this season. His 97 3-pointers are the eighth-most in the NBA this season.
With Holiday gone, rookie forward Chandler Hutchison figures to slide into a starting spot on the wing. The Bulls will also have to waive one player, and point guard Cameron Payne is expected to be the one to go, according to reports.
Brooks, 29, is a journeyman who's averaging 6.6 points in 13.3 minutes across 29 games while shooting 45.0 percent overall and 27.8 percent from 3-point range. His contract expires at season's end.
Selden, 24, is averaging 5.4 points in 14.2 minutes across 32 games. He's shooting 40.4 percent overall and 31.7 percent on 3-pointers. His contract expires at season's end, though the Bulls will have the option of placing a qualifying offer on him to retain matching rights.
Before this trade, the Bulls didn't have a second-round pick in 2019, having parted with it in a trade of Jose Calderon to the Lakers in July 2016 as part of a quest to clear cap space to sign Dwyane Wade. The Bulls will hold two second-round picks in 2020.