Gilbert Arenas is reportedly set to sign with the Memphis Grizzlies. Hibachi! (Getty Images)

Update Tuesday 2:45 p.m.: Multiple outlets including the Commercial-Appeal report that the deal is done. General Manager confirmed the report to the Commercial-Appeal. 
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The Memphis Commercial-Appeal reports that the Memphis Grizzlies are set to sign free agent Gilbert Arenas for the remainder of the season at $300,000. The paper reports the Grizzlies already worked out Arenas Monday morning and that he could join the team as early as this week in Portland. 

Arenas has been out of the league since December when the Orlando Magic used the amnesty clause to clear out the remainder of his contract signed in Washington three seasons ago when he was considered a star. Most notably, Arenas lost most of the 2009-2010 season after a locker-room dispute with Javaris Crittenton escalated to the point where firearms became involved. Arenas had been storing the weapons in his locker for what he said was transportation to another facility. 

Following his suspension, Arenas was traded to the Orlando Magic where it was hoped he would spark the Magic to a title run, but Arenas showed the effects of multiple knee surgeries and never really contributed.

Since being amnestied he's done a series of in-depth interviews to showcase his talents, and has talked about getting the same procedure Kobe Bryant had done on his knee to help recover his lift to great success. 

For Memphis, they need a backup point guard badly, with inexperienced Josh Selby and Jeremy Pargo splitting reps. They need someone to run the offense. If Arenas can hit at any decent clip, and I mean anything above 30 percent from the arc, he has a role in the offense. He could fit really well.

The questions around Arenas will focus on the gun charges in relation to being a "bad guy" but time has shown Arenas is more goofball than anything else. And the Memphis locker room is strong enough to support his personality and give it room to breathe while not letting it affect the chemistry and committment the team has to winning. 

It's a low-risk move from one angle, unless the lowest probability, worst-case scenarios occur.

That, of course, would be bad.

One way or another, it looks like Agent Zero, Hibachi, Gilbert Arenas, is back in the NBA.