LAS VEGAS – Nearly a week after free agency opened, there was finally some developments for point guard Tyus Jones.

The Timberwolves restricted free agent and Apple Valley High School product is set to sign an offer sheet from the Memphis Grizzlies for three years, $28 million, according to his agent, Kevin Bradbury.

Jones spent the past four years with the Wolves and his value on the free-agent market was hard to pinpoint. Before free agency, sources said Jones could command a an annual salary in the range of $8 million, but this contract would put Jones's average salary at $9.33 million.

Because Jones, 23, is a restricted free agent, the Wolves have two days to match Memphis' offer sheet. There was a report from The Athletic that said Jones' offer sheet was for three years, $24 million, but Bradbury said it was for the $28 million figure.

A tweet from Bradbury indicated the Wolves might be leaning against matching the offer sheet.

"Ready for a great new opportunity," Bradbury tweeted. "Congrats to my man @1Tyus."

This would represent an interesting decision for the Wolves, as signing Jones would put the Wolves near the luxury tax with little breathing room.

Jones was selected 24th overall in the 2015 draft after leading Duke to the national championship as a freshman. He had his highest NBA scoring output this season at 6.9 points per game after starting 23 games, but his shooting percentage went down from 46 to 42 percent. His assists went up from 2.8 to 4.8 per game.

Earlier Sunday, the Grizzlies traded guard Delon Wright to the Mavericks for a pair of second-round picks. Wright then agreed to a three-year $29 million contract.