Cleveland will also receive cash in the deal, which was first reported by the Memphis Commercial Appeal on Twitter.
Cavaliers general manager Chris Grant announced the move in a press release, via Mary Schmitt Boyer of The Plain Dealer:
"Our approach remains consistent as we try to bring in young talent, create future opportunity with draft picks as potential assets and maintain flexibility,'' Grant said in a press release. "Jeremy adds depth to our backcourt. He is a young, aggressive, athletic guard who we feel fits well with our style of play, both defensively and offensively.''
Pargo saw very limited playing time for the Grizzlies last season, averaging 2.9 points and 1.2 assists in nine minutes per game. He saw action in 44 contests. The guard might have had the play of Summer League, but he didn't have a chance to make the Grizzlies.