Memphis Grizzlies backup point guard Nick Calathes was rumored to have agreed to a three-year deal with the Athens-based basketball team Panathinaikos on Monday.

According to Phil Stukenborg of the Memphis Commercial Appeal, however, that rumor is not true:

"Calathes told The Commercial Appeal on Monday he hasn’t signed a three-year deal [with Panathinaikos]. The Grizzlies tendered Calathes a $1.1 million qualifying offer, which makes him a restricted free agent. ... Reports surfaced Monday that an official announcement regarding Calathes’ return to Panathinaikos would be made Tuesday."