Veteran point guard and former NBA MVP Derrick Rose reportedly will be searching for a new home.

According to Shams Charania of The Athletic, the Memphis Grizzlies are waiving the 35-year-old. Ian Begley of SNY added that the team let him out of his contract:

Rose had one year remaining on the two-year contract he signed with Memphis last offseason and was set to make $3.4 million during the 2024-25 season.

The three-time All-Star was hindered by knee and hamstring injuries that limited him to 24 games in his first year with the Grizzlies. He never played more than five consecutive games during the season, but he said in April he intended to return for a 17th NBA season, and he assumed he would be doing so in Memphis.

"Yes, I'm coming back," Rose said. "I talked to [general manager] Zach [Kleiman], I talked to coach. ... This summer, it's all about attacking my rehabs, my workouts and continuing to be disciplined."

In his limited time on the court last season, he averaged 8.0 points, 1.9 rebounds and 3.3 assists in 16.6 minutes of action. In addition to his time on the sidelines, the Grizzlies were ravaged by injuries to multiple key players including Ja Morant, Marcus Smart and Desmond Bane. Memphis finished 13th in the Western Conference with a 27-55 record.

If Rose chooses to continue his NBA career, he can still be a reliable floor general when healthy. Teams looking for a veteran presence would benefit from adding him to the locker room, and he could land with a contender that would help him chase the championship ring that has eluded him throughout his career.