The Grizzlies have extended the qualifying offer to Rudy Gay, making him a restricted free agent.

If Gay does not sign a contract, he will receive a $4,422,784 contract with the Grizzlies. He also would be able to veto any trade the Grizzlies agreed upon involving him.

Few players have played under the qualifying offer in recent years, with Ben Gordon being a notable exception.

Gay is expected to begin exploring his options in free agency after several of the more prominent players have signed.

Minnesota will be a team targeting him from the outset of free agency, with the Nets and Clippers also expected to be in contention.

As a restricted free agent, the Grizzlies have the right to match any offer sheet Gay might sign.