EDIT: This is a weird situation. So Parsons was upset that Memphis didn't have a plan to get him back on the court. He said they offered a G league stint but didn't give him a timetable of how long it would be so he turned it down. Memphis apparently just came to him and offered for him to play the 3 game home stand the G league team has and then maybe move him back up with the Grizzlies and he declined. Now they are parting ways.
ESPN story:
http://www.espn.com/nba/story/_/id/25699385/chandler-parsons-memphis-grizzlies-agree-part-ways
Memphis Beat Writer story:
https://dailymemphian.com/article/2272/Chandler-Parsons-Grizzlies-reportedly-working-on-separation-arrangement