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Last season, McLemore's first in Memphis, where he signed a free agent deal following the end of his rookie contract in Sacramento, the former KU guard averaged 7.5 points and shot 42 percent in less than 20 minutes per game over 56 games, 17 of them starts.
Temple averaged a career-best 8.4 points, along with 2.3 rebounds, 1.9 assists and 0.9 steals in 24.8 minutes per game last season.
As part of the deal, McLemore, who was selected seventh overall by the Kings in 2013, will return to Sacramento. In return, the Kings will send forward Garrett Temple to the Grizzlies and open up $1 million in cap space in the process. He has career averages of 9.1 points and 2.6 rebounds in 24.5 minutes per game.
The Grizzlies will be Temple's seventh National Basketball Association team in nine seasons. He has spent much of the past two years in the G League, but he averaged 5.8 points and 4.0 rebounds in 15.2 minutes per game across 62 appearances (six starts) for the Grizzlies last season. Davis was drafted by Boston, who traded his draft rights to the Grizzlies, in the second round (31st overall) of the 2016 NBA Draft after a one-year collegiate career (2015-16) at Michigan State University.