Memphis will get the rights to guard David Roddy, a source said. Philadelphia selected him at No. 23 out of Colorado State.
Melton averaged a career-high 10.8 points in 73 games for the Grizzlies this past season as they advanced to the Western Conference semifinals.
For his career, he has averaged 8.4 points per game on 40.9% shooting and 36.1% from 3-point range, as well as 3.6 rebounds and 2.8 assists.
Melton was a second-round draft pick of the Phoenix Suns in 2018, but after just one season there, they shipped him to the Grizzlies as part of a multiplayer deal.
Roddy was named an Associated Press All-America honorable mention and Mountain West conference player of the year after averaging 19.4 points, 7.5 rebounds, 2.8 assists, 1.2 steals and 1.0 blocks in 33 minutes per game.
He helped lead Colorado State to its first NCAA tournament appearance in nine years as a No. 6 seed, the highest in school history.