The Memphis Grizzlies have signed the Hawks forward to a five-year, $58 million offer sheet, according to a report in the Atlanta Journal-Constitution. The Hawks now have seven days to match the Grizzlies' offer.

Atlanta has pledged to match any offers for Smith, the report said, but Memphis — a team thought to be saving its abundant cap space for the loaded 2009 free agent class — was not expected to be a suitor.

Smith's agent, Wallace Prather, confirmed talks but declined to give details.

"We're in the process of getting it all signed and everything, and that's all I can say right now," Prather said.

Smith posted career per-game highs in points (17.2), assists (3.4), field goal percentage (45.7%), and games played (81) while leading the Hawks into the postseason as the eight seed in the Eastern Conference. They pushed the eventual-champion Boston Celtics to the brink in the first round before losing the decisive seventh game.

Smith, 22, has played four NBA seasons — all with the Hawks — and has averaged 13.6 points, 7.4 rebounds and 2.7 assists for his career.

The Associated Press contributed to this report.