Terms of the deal announced Wednesday were not disclosed.
The 6-foot-9 Caboclo has started one of his 10 games played for Memphis averaging 6.1 points, 3.2 rebounds and 1.40 blocks in 21.1 minutes. He has either set or tied his NBA single-game career highs for points, three-pointers made, free throws made, rebounds, assists, steals and blocks with the Grizzlies.
Caboclo was the 20th pick overall in 2014 by Toronto and also has played with Sacramento. He started 23 of his 28 games with the G League's Rio Grande Valley Vipers earlier this season.