A separate report from The Athletic's Shams Charania says the deal is already complete and is for the veteran's minimum.
Noah, 33, was waived by the New York Knicks in October with two years and $37.8 million remaining on his contract.
After signing a four-year, $72 million deal with his hometown Knicks in July 2016, Noah spent two injury-plagued campaigns in New York before getting released. Noah played in only seven games in 2017-18.
The Grizzlies have only one true center on their current roster, 33-year-old Marc Gasol.
--Field Level Media
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