Memphis, TN (My Sportsbook) - Allen Iverson is set to join the Memphis Grizzlies, who have called a news conference for Thursday to formally introduce the veteran point guard.

"The Memphis Grizzlies have agreed in principle to enter into an agreement with free agent guard Allen Iverson," Grizzlies general manager Chris Wallace said in a statement on Wednesday. "We anticipate signing him to a contract very soon."

Iverson also confirmed his decision to join the Grizzlies on Twitter.

"God chose Memphis as the place that I will continue my career," Iverson wrote. "I met with Mr. Heisley, Chris Wallace and my next head coach Lionel Hollins."

According to the Memphis Commercial Appeal, the 34-year-old veteran will receive $3.5 million for the 2009-10 season, a deal that includes team-based incentives.

Iverson started last season with Denver, but was traded to Detroit on November 3 after just three games and played 54 games with the Pistons. His season was curtailed by a back problem and he averaged 17.5 points, 5.0 assists and 3.0 rebounds in a combined 57 games, including 53 starts.

The former Georgetown star spent his first 10 full seasons with Philadelphia, leading the 76ers to the NBA Finals in the spring of 2001. He was the league MVP for the 2000-01 season.

Denver acquired Iverson in December 2006 and he spent the remainder of that season and one full year with the Nuggets before last November's deal.

The nine-time All-Star has career averages of 27.1 points, 6.2 assists and 2.2 steals in 886 career games.