Grizzlies guard Jerryd Bayless has exercised his player option and will return to Memphis next season.
Terms of the deal weren't released by the team. ESPN.com, the first to report Bayless' decision, said the player option would pay him $3.1 million.
Bayless averaged 8.7 points, 2.2 rebounds and 3.3 assists while playing 80 games and making four starts for Memphis this season. He played 22.1 minutes per game and shot 41.9 percent.
The 6-foot-3 guard averaged 9.3 points during the playoffs.
The 24-year-old Bayless has averaged 8.3 points and 2.9 assists during his five-year career. The former first-round draft pick out of Arizona signed with the Grizzlies as a free agent last July.