Memphis Grizzlies power forward Zach Randolph can opt out of his contract and become a free agent July 1, but indications are that he intends to stay with the team.

Randolph has an option worth $16.9 million for next season but general manager Chris Wallace told the Commercial Appeal that even if he opts out, the team is prepared to work out a new deal to retain him.

"We're very excited about what Zach's done in the past and hope to have him here in the future," Wallace said. "This has really been a terrific boon for both sides. He's obviously meant a great deal to us on and off the court. And Memphis has worked for him. This has been, by far, the best stop for him since he's been in the NBA. So we're working towards that goal."

Randolph is reportedly willing to take less than $16.9 million per year for additional years. The team will likely offer him three years with an option for a fourth year for more than $50 million if he opts out. He turns 33 this summer.

Randolph averaged 17.4 points and 10 rebounds per game last season.