The Memphis Grizzlies have signed guard Allen Iverson, Grizzlies general manager Chris Wallace announced on Thursday.

"We are excited to announce the signing of Allen Iverson," Wallace said. "He is one of the all-time great guards in the history of the NBA."

"This is a great day for the Grizzlies organization, our loyal fans and the city of Memphis."

A four-time NBA scoring champion and a 10-time NBA All-Star (2000-09), Iverson ranks second among active players in career scoring behind the Cleveland Cavaliers' Shaquille O'Neal and 16th in NBA history with 23,983 career points.