But the Utah Jazz continue to have interest in trading for Conley.
Valanciunas, 26, was drafted by the Raptors in the first round (fifth overall) of the 2011 National Basketball Association entry draft and is in his seventh season with the team. This is their best chance to take a run at an National Basketball Association championship, so president Masai Ujiri is putting his foot on the gas.
Gasol, 34, represents an upgrade at the centre position for the Raptors.
The three-time All-Star big man has spent his entire National Basketball Association career with the Memphis Grizzlies, but the franchise is entering a rebuilding stage.
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Moreover, Ujiri was also quoted as saying that he has already taken the first steps in this regard by speaking to a number of agents of players who are likely to be bought out by their respective teams within the next couple of days.
Gasol's older brother Pau is a two-time National Basketball Association champion with the Los Angeles Lakers who played for the Grizzlies from 2001-2008. Whether he can still reach the heights of peak Gasol, a player the Raptors had eyes on over the years according to intermittent reports, is of more debate.
Valanciunas hasn't played in almost two months after suffering a dislocated thumb, but is ready to return to the lineup. The former second-team All-American is averaging 8.0 points, 2.9 asissts, 2.9 rebounds and 20 minutes this season in his third season as an National Basketball Association reserve.
Prior to the injury, Valanciunas was enjoying a career-high 12.8 points per game (tied with 2015-16) this season and a.575 field goal percentage.