Sources: Mike Conley, Grizzlies agree in principle on 5-year, $153 million deal

— -- Mike Conley and the Memphis Grizzlies have agreed in principle on a five-year, $153 million deal, according to league sources.

This would be the richest contract by total value in NBA history, according to ESPN Stats & Information research. It would also be the first deal worth $100 million or more total with an average annual value of more than $30 million per year.

Sources told ESPN that the verbal agreement will be sealed Friday night and the final details are "nearing conclusion."

Conley, who has never been an All-Star and was known for years as the NBA's most underrated player, also met with the Dallas Mavericks on Friday afternoon. However, the Grizzlies were always widely considered the heavy favorites to keep the nine-year veteran, who was drafted by Memphis with the fourth overall pick in 2007.

The Mavs and other suitors could only offer Conley a max contract worth approximately $114 million over four years.

Former Dallas forward Chandler Parsons will be one of Conley's teammates after agreeing to terms on a four-year, $94.8 million max contract with the Grizzlies earlier Friday. Sources said the pair had extended conversations about teaming up with the Grizzlies but never discussed the possibility of playing together in Dallas.