Austin Rivers has found a new home.

A day after being waived by the Phoenix Suns, the former Duke Blue Devil is signing with the Memphis Grizzlies once his buyout is complete, reports The Athletic's Shams Charania.

Rivers is owed $12.3 million this season.

The Grizzlies were set to acquire Rivers over the weekend as part of a three-way deal with the Suns and Washington Wizards, but the deal collapsed due to uncertainty over what players the Grizzlies would be sending to Phoenix.

A day later, the Wizards traded Rivers and Kelly Oubre to the Suns in exchange for Trevor Ariza, who was to be the centrepiece of the scuppered three-way trade.

Rivers, 26, is in his seventh NBA season after being taken with the 10th overall selection in the 2012 NBA Draft.

The son of Los Angeles Clippers coach Doc Rivers, the younger Rivers has appeared in 29 games this season, averaging 7.2 points on .392 shooting, 2.4 rebounds and 2.0 assists in 23.6 minutes a night.

In 437 career games with the New Orleans Hornets/Pelicans, Clippers and Wizards, Rivers has averaged 9.3 points on .418 shooting, 2.1 boards and 2.4 assists.