DENVER, CO - APRIL 26: Jonas Valanciunas #17 of the Memphis Grizzlies plays defensive against the Denver Nuggets during the first quarter at Ball Arena on April 26, 2021 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by C. Morgan Engel/Getty Images)

The Memphis Grizzlies are finalizing a trade to send Jonas Valanciunas to the New Orleans Pelicans for Steven Adams and Eric Bledsoe, according to Adrian Wojnarowski.

The Grizzlies are also trading the Nos. 17 and 51 picks in the 2021 NBA Draft, while the Pelicans are trading the Nos. 10 and 40 picks and a protected 2022 first-round pick via the Los Angeles Lakers.

As a result, the Grizzlies will be moving up seven spots in the first round, then up 11 spots in the second round.

The deal allows the Pelicans more salary cap space to either attempt to re-sign Lonzo Ball or pursue a free agent point guard like Toronto Raptors’ Kyle Lowry, who they have shown interest in.

The Pelicans reportedly liked Valanciunas as a floor spacer at center over Adams, notes Wojnarowski.

Valanciunas, 29, averaged a career-high 17.1 points and 12.5 rebounds per game last season.

Adams, 27, and Bledsoe, 31, only spent one season with the Pelicans.

Bledsoe is not expected to stay with the Grizzlies, according to Chris Haynes of Yahoo Sports, meaning he will be traded again at some point, but it’s unclear how quickly they will find a trade partner.

The Grizzlies are said to be targeting Australian guard Josh Giddey with the No. 10 pick, according to ESPN’s Jonathan Givony.

This is the first trade of draft week and there will likely be more to come.