ESPN reports that the Timberwolves and Grizzlies "are close" to reaching a draft-pick swap. Minnesota would send the 16th pick, acquired from Charlotte via Denver on draft night last year, to Memphis in exchange for the 25th and 28th picks.
ESPN's initial report is inaccurate, however, as it has the picks backwards. Memphis-based insider Chris Vernon pointed that fact out via Twitter shortly after the initial ESPN report appeared.