The Memphis Grizzlies are waiving guard Derrick Rose.

A source confirmed to The Commercial Appeal on Monday that the team is letting the veteran out of his contract at his request. The Grizzlies will buy out the final year of Rose's deal.

The move was first reported Monday afternoon by The Athletic and SNY TV.

Rose, who turns 36 on Oct. 4, is a favorite of Memphis Tigers fans — he took the Tigers to the national title game in 2008 in his lone season of college basketball, signed a two-year deal with the Grizzlies before last season. He played sparingly, battling injuries and appearing in only 24 games.

Still, he had a key role as a mentor to Grizzlies star guard Ja Morant, and Rose's son PJ played on Morant's AAU team.

The No. 1 overall pick out of Memphis, Rose spent the first seven years of his NBA career with the Chicago Bulls. He was the NBA's youngest ever MVP, but his career was derailed by injuries after a dynamic start. He later played for the Knicks, Cavaliers, Timberwolves and Pistons before signing with the Grizzlies.

At the end of last season, Rose had said he planned to come back for his second season with the Grizzlies.

"Yes, I'm coming back," Rose said. "I talked to (Grizzlies GM) Zach (Kleiman), I talked to Coach (Taylor Jenkins) . . . This summer, it's all about attacking my rehabs, my workouts and continuing to be disciplined."

The Grizzlies now have two open roster spots after waiving Rose and Mamadi Diakite, who came over in the trade that sent Ziaire Williams to the Brooklyn Nets. Point guard Scotty Pippen Jr. is on a two-way contract and could be a candidate for one of those spots, especially because the Grizzlies have very little depth behind Morant, with Rose now gone.

This article originally appeared on Memphis Commercial Appeal: Memphis Grizzlies waive former NBA MVP Derrick Rose