The deal includes a player option that would allow Gasol to opt out and become a free agent after the fourth year of the contract, according to sources.
The exact monetary value of the deal, which was agreed to Monday, will be cheap nba jerseys determined by the league's salary cap.
Gasol confirmed a deal was in place Tuesday, telling the Spanish media he will stay with Memphis.
Grizzlies general manager Chris Wallace issued a statement Tuesday saying that "the team has been engaged in negotiations" with Gasol and free-agent forward Brandan Wright "and intends to sign them both to player wholesale nba jerseys contracts at the conclusion of the NBA moratorium period."
Wright earlier had agreed to terms on a three-year deal worth about $18 million, according to Yahoo! Sports.
As ESPN reported last week, Gasol shunned the opportunity to let interested wholesale nba jerseys china teams court him in free agency, signaling to cheap nba jerseys the rest of the league ?that the 30-year-old essentially was unavailable to everyone except Memphis. Teams such as the Los Angeles Lakers?, New York Knicks ?and Milwaukee Bucks? -- all of whom had designs on making a run at the Spaniard in free agency -- abandoned all plans to pitch Gasol before free agency began.
Players and teams can come to verbal agreements on deals, but no contracts can be formally signed until Thursday, when a leaguewide moratorium on roster business is lifted.
Gasol was selected with the 48th overall pick by the Lakers in the cheap nba jerseys china 2007 draft. In the 2008 deal that brought his brother Pau to the Lakers, Marc Gasol's rights were sent to the Grizzlies.