ESPN.com reports that Wayne Ellington is included in the deal as well.
Speights, 25, is a 6-10 forward with solid midrange touch. He's averaging 6.6 points and 4.7 rebounds in 14.5 minutes.
Selby, 21, is a second-year player that hasn't found any footing with Memphis and has appeared in just 10 games this season.
Ellington, 25, has appeared in 40 games for Memphis averaging 5.5 points including 42 percent from 3.
Leuer, 23, has only appeared in nine games for the Cavs this season.
Obviously the Grizzlies aren't looking to bring in a piece to help, but they do send a rotation player out in Speights. They likely have to feel that with Darrell Arthur back, Speights doesn't figure in much to Lionel Hollins' current rotation plans.
So instead, it's clear this is a financially motivated deal.
The question is, is this a move to create a little flexibility for more future moves, or one to prevent them? The trade brings the Grizzlies right down to the tax line and saves them roughly $6 million. They have reportedly been exploring trades involving Rudy Gay and Zach Randolph recently to try and help themselves financially.
But by moving Selby, Ellington and Speights, the Grizzlies have allieved their financial concerns without moving a big piece. Then again, open up extra roster spots and shifting around some money could be a signal that the Grizzlies plan on being dealers at the trade deadline.
What appears to be the case is the Grizzlies were big sellers in order to hold onto Gay and Randolph. They obviously gave away a lot to get very little, so it seems they were willing to take the hit in order to fix their money issues and keep their stars.