It seems that most teams are ramping up their pursuit of Gay, but the Raptors are reportedly bowing out due to his prohibitive cost.

Doug Smith of The Toronto Star wrote on Monday:

According to a highly-placed source, any chance of the Raptors picking up Rudy Gay in a trade are diminishing rapidly and it’s less and less likely something will happen.

The reason?

The asking price is far too high.

Will Gay be moved at/before the deadline?
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Smith found that the Griz are interested in Jose Calderon’s expiring contract, Terrence Ross and one of the plethora of young big men on the Toronto roster.

While Gay is certainly a great player, he’s not a franchise piece that would suddenly make the Raptors title contenders. For this reason alone, he’s not worth giving up an arm and a leg via trade.

It’ll be interesting to see if Memphis’ price comes down or goes up with the deadline looming closer.
My guess is that they will probably pick Wizards offer. Beal is a good deal.