The Grizzlies announced earlier Saturday that they signed Dante Cunningham after Charlotte failed to match an offer. Then they later announced the trade with New Orleans.
The 6-foot-6 Pondexter averaged 13 points and 8.5 rebounds in 33 minutes in two preseason games against Memphis. The 23-year-old averaged 2.8 points and 1.3 rebounds in 66 games as a rookie with New Orleans last season after being the 26th pick overall by Oklahoma City in 2010 before being traded to New Orleans.
Vasquez played in 70 games and averaged 3.6 points and 2.2 assists as a rookie with Memphis last season.