2:54pm: The Heat have confirmed in a press release that they've sent Pittman to Memphis. The Grizzlies also received cash considerations from the Heat, according to the release.
12:48pm: The Grizzlies and Heat have agreed to a deal that will send Dexter Pittman and a second-round pick to Memphis, according to Marc J. Spears of Yahoo! Sports (via Twitter). Brian Windhorst of ESPN.com reports that the Heat will acquire the rights to Ricky Sanchez, who is currently playing in Argentina, in the trade (Twitter link). Ronald Tillery of the Memphis Commercial Appeal first reported that the two sides were in serious talks about a swap.
For the Grizzlies, Pittman represents another piece of frontcourt depth off the bench. Memphis had been carrying just 12 players, and would have been required to add a 13th man in the very near future had the team not acquired a player via trade today. The team had intended to make use of one of its seven trade exceptions, but likely won't need to do so, since the third-year big man is making the minimum salary of $854,389.
From Miami's perspective, the trade allows the club to open a roster spot for a potential free agent addition later in the season. According to Windhorst (via Twitter), the Heat have kept in touch with Kenyon Martin, but will likely wait until March to explore all their options.
Moving Pittman also reduces the Heat's tax bill slightly, and the cost to do so wasn't exactly exorbitant — Marc J. Spears of Yahoo! Sports reports (via Twitter) that the second-rounder is Miami's 2013 pick, which is currently projected to be 59th overall, as our projected draft order indicates.
I would assume that Sanchez, who was drafted by the Trail Blazers in 2005, will never see the floor for the Heat. The Grizzlies simply had to include a piece in the deal so that they weren't acquiring Pittman and a pick for nothing. Miami will also obtain a trade exception worth $854,389 (Pittman's salary) in the move.