Memphis did not find a trade partner for Wright prior to Thursday's deadline, but with the Grizzlies entering Friday 10.5 games out of a playoff spot in the Western Conference, the veteran big is expendable.
In the midst of his 11th NBA season, the 30-year-old Wright is averaging 5.0 points and 3.4 rebounds per contest in 27 games.
He has spent each of the past three seasons with the Grizzlies, but has appeared in a total of just 67 games during that time.
Originally the No. 8 overall pick in the 2007 NBA draft out of North Carolina, Wright has put up career averages of 7.0 points and 3.6 rebounds, while shooting 60.7 percent from the field in 427 regular-season games.
Wright also has 12 games of playoff experience to his credit.
While Wright has played sparingly throughout his career, his length (6'10") and athleticism could make him a useful big as part of a rotation in the latter part of the season.