The Grizzlies traded Gasol, 34, on Thursday at the National Basketball Association trade deadline with the center holding a $25 million option he can exercise this summer.
Coming to Memphis are Jonas Valanciunas, CJ Miles, Delon Wright, Avery Bradley and a second-round pick.
Gasol isn't playing tonight against the Timberwolves, further amplifying all of the trade chatter surrounding the Grizzlies.
Davis and the team agreed that his minutes would be reduced and that Davis would consult with the Pelicans on which ends of back-to-backs he will play in the rest of the season, sources told ESPN.
Marc Gasol will forever be connected to the city of Memphis.
Given their position in the standings (they have the second-most wins in the NBA) and the uncertain future of Kawhi Leonard, the Raptors are clearly in win-now mode.
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In 53 games, Conley has averaged 20.4 points per game, 3.4 rebounds per game, and 6.4 assists per game - all in the top-three for his career. In his 11 seasons with Memphis, Gasol became the franchise leader in points, rebounds, blocks and field goals made.
Wright (6-5, 183), who will wear jersey #2, has appeared in 49 games (two starts) and has averaged 6.9 points, 2.6 rebounds and 2.2 assists in 18.3 minutes while shooting 43.3 percent from the field, 33.3 percent from three-point range and 86.9 percent from the free throw line this season.
Gasol is the best player in Memphis franchise history. Conley is third at 12 seasons.
The Hornets were prepared to trade a lottery protected first round pick for Gasol.
The 34-year-old Gasol is making $24.1 million this season and has a player option worth $25.6 million for next season. The Pelicans put up an average of 112.7 points per game in those situations compared to their full season mark of 116.2 points a night. The under is also 5-2 in the Pelicans' last seven games versus the Southwest, is 5-1 in the Grizzlies' last six games overall and cashed in seven straight Memphis games when it faces an opponent with a losing record.