Memphis did not officially announce the deal, but the 7-foot-1 center posted the following on his Twitter page:
"I'm proud to say that we have reached a tentative agreement with my team... can't wait to get on the court with all my teammates!"
The Commercial Appeal reported the agreement to be a four-year deal worth nearly $58 million.
Gasol averaged 15 points, 1.2 rebounds and 2.15 blocks a game during the Grizzlies' 13-game playoff run last season that included a first-round upset over the top-seeded San Antonio Spurs. The Grizzlies were eliminated in a seven-game series with Oklahoma City.
The 26-year old averaged 11.7 points, seven rebounds and a career-high 2.5 assists while leading the Grizzlies in blocks (1.68) and field goal percentage (.527) during 81 regular season games.
Gasol has played his entire three-year career in Memphis.