(Reuters) - The struggling Toronto Raptors have acquired Memphis Grizzlies leading scorer Rudy Gay as part of a three-team deal involving the Detroit Pistons, the teams said on Wednesday.

As part of the deal, the Grizzlies also received veteran guard Jose Calderon, forward Ed Davis, a 2013 second round draft pick and cash considerations from the Raptors.

Calderon will not stay in Memphis, however, as he is being sent on to the Pistons.

Along with Gay, Toronto landed backup center Hamed Haddadi from Memphis, while the Pistons agreed to send Tayshaun Prince and Austin Daye to the Grizzlies in exchange for Calderon.

Gay, who averages 17.2 points per game and 5.9 rebounds, represents the type of standout individual the Raptors (16-30) have been seeking.

"This is the type of deal we have been looking for to take our team another step forward," Raptors president and general manager Bryan Colangelo said in a statement.

"Rudy Gay is a dynamic wing that elevates our talent level significantly."

Memphis (29-15) sit fourth in the Western Conference and are taking a competitive risk but the trade has freed up some financial space as Gay had signed a five-year, $82 million contract with the team back in July.

Like the Raptors, the Pistons are currently well outside the Eastern Conference playoff picture with a 17-29 record.

(Writing by Jahmal Corner in Los Angeles; Editing by John O'Brien)