Nick Calathes signs in Greece

Tap here to view theScore's NBA Offseason Tracker, which includes the latest transactions and rumors.

The chances of an NBA team signing Nick Calathes faded faster than his hairline.

The Memphis Grizzlies restricted free agent signed a three-year deal with Panathinaikos in Greece on Tuesday, according to multiple international reports. The team announced the signing Wednesday, with a reported NBA opt-out date of July 15 passing by.

The contract will pay him a reported $7 million, likely more in guaranteed money than he could have landed in the NBA. Calathes reportedly could have opted out if an NBA team came calling by Wednesday, but that obviously didn't happen - at least not at numbers that could have convinced the Greek-American to stay put.

Calathes would have been superfluous on the Grizzlies, as Russ Smith is breaking out at summer league, Beno Udrih remains on the roster behind Mike Conley, and Memphis landed Andrew Harrison on draft night for depth.

That doesn't mean he's not a serviceable reserve guard, and he's a quality defender and pesky ball-hawk. Turning down $7 million with Panathinaikos, with whom he played from 2009-12, would probably have meant signing for far less to stay stateside. That may not have been palatable for the Florida product, who's played the last two seasons at the league minimum.

The Dallas Mavericks were believed to be interested but have since made other moves at the point-guard spot, and Calathes' market has been quiet.

In 129 career games, Calathes has averaged 4.6 points, 1.9 rebounds, 2.7 assists, and one steal in 15.6 minutes, shooting 44.1 percent from the floor and 28.8 percent from long range.