The Boston Celtics acquired Jerryd Bayless in exchange for shooting guard Courtney Lee as part of a three-team deal that involved the Memphis Grizzlies and Oklahoma City Thunder.

Lee and a 2016 second-round pick wind up with the Grizzlies, who parted with Bayless in a much-discussed swap first reported to be in the works last week.

The Thunder sent forward Ryan Gomes to Boston and received cash considerations as well as two conditional second-round picks.

Bayless is averaging 8.0 points and 2.0 assists this season while shooting 37.5 percent from the field. He has played in 30 games for Memphis this season, including five starts. He is making $3.1 million in the final year of his contract.

The Celtics have been trying to rid themselves of Lee and his contract, which has two more seasons to run at a little more than $11 million after this season.

The Grizzlies have nearly $7.5 million left of a trade exception they created in January 2013 by dealing Rudy Gay to Toronto. They will use that to help pay Lee, who is averaging 7.2 points this season and is shooting 44.2 percent from three-point range. The Grizzlies need another perimeter threat.

Bulls trade Deng, waive Bynum

With the Bulls’ championship chances looking dim due to guard Derrick Rose’s latest knee injury, Chicago traded All-Star forward Luol Deng to the Cleveland Cavaliers.

In return, the Bulls received three draft picks and center Andrew Bynum, and officially placed him on waivers Tuesday. Yahoo Sports reported Deng rejected a three-year, $30 million contract offer from the Bulls before he was dealt.

The Bulls received Bynum, Cleveland’s rights to the Sacramento Kings’ first-round draft pick, the right for Chicago to swap its own 2015 first-round draft pick with the Cavs own 2015 first-round draft pick (top 14 protected) and the Portland Trail Blazers’ 2015 and 2016 second-round draft picks acquired by the Cavaliers in a 2013 draft night trade.

Had Bynum remained on Chicago’s roster after 5 p.m. Tuesday, he would have been guaranteed more than $6 million for the remainder of the season.

Dealing away Deng and then waiving Bynum creates a $15 million savings for the Bulls and get them under the salary cap. The Bulls are also reportedly considering using the amnesty provision to release forward Carlos Boozer, but making that move now would not immediately benefit the cap or luxury tax situations for the Bulls. Boozer’s salary would still be paid and be on the books for two seasons.

If Bynum goes unclaimed, he becomes a free agent and is reportedly targeting the Miami Heat as a destination.

Bynum, 26, was suspended indefinitely by the Cavaliers on Saturday after an incident at Friday’s practice. The 7-footer is averaging 8.6 points, 5.3 rebounds and 1.2 blocks in 24 games this season.

Deng, 28, missed nine games in December due to an Achilles’ injury. He returned to average 15.7 points over his final three games with the Bulls.

In 23 games this season, Deng is averaging 19 points, 6.9 rebounds and 3.7 assists. The figures all compare favorably to his career norms: 16.1 points, 6.4 rebounds, 2.5 assists.

Anderson out with injury

Pelicans’ forward Ryan Anderson is out indefinitely with a herniated disc, the team announced.

Anderson, the team’s top scorer, was taken to the locker room on a stretcher after a collision Firday night in Boston with Gerald Wallace. Anderson, who was taken with a collar for evaluation of a cervical stinger, was hospitalized and remained in Massachusetts when the Pelicans boarded a plane for Indiana.

Anderson missed the first nine games with a chip fracture in the second toe of his right foot. He is averaging a career-high 19.7 points per game. He won the NBA’s Most Improved Player award in 2011-12.

Williams injures ankle

Brooklyn Nets guard Deron Williams, who had an MRI on Monday, was diagnosed with a sprained left ankle, the team announced.

Williams was treated with a cortisone shot in the ankle joint, as well as platelet rich plasma (PRP) injections into the lateral ligaments of the ankle. In addition, Williams received a PRP injection into his right ankle and a cortisone injection into his right ankle joint to relieve inflammation.

Williams, who will miss Wednesday’s game against Golden State, is currently in a walking boot and will be re-evaluated at the end of the week.

It is the third time Williams, who is averaging 13.6 points and 6.9 assists per game, has been sidelined with an ankle injury.

Hawks waive Martin

The Atlanta Hawks placed forward Cartier Martin on waivers. Martin was signed by the Hawks on Oct. 15 and appeared in 25 games (two starts), averaging 6.6 points and 2.0 rebounds in 17.5 minutes.