Conley has spent his entire 12-year career in Memphis.
He averaged 15.7 points, 8.6 rebounds, 4.7 assists, 1.1 steals, and 1.2 blocks per game.
The Raptors reportedly offered Valanciunas and Kyle Lowry for Gasol and Mike Conley, but that deal was rejected by the Grizzlies. The Raptors (39-16) currently sit in second place in the Eastern Conference standings and are in win-now mode with no guarantee Kawhi Leonard re-signs this offseason.
But the 32-year-old, addressing the rumours ahead of Thursday's trade deadline, insists he does not want to leave Toronto.
Feuding UK politicians seek elusive unity as Brexit looms
He said guarantees had been given that future production of the Juke and Qashqai models were not affected. The letter said United Kingdom support was contingent on Nissan building two models in England.
A fan favourite in Toronto, Valanciunas showed flashes of promise with the Raptors but never fully materialized into a dominant centre.
The deal came at an interesting time for the big Lithuanian, who was expected to be in Toronto's lineup for Thursday night's game in Atlanta after missing the previous 25 games with a dislocated left thumb. "The trade also provides us with an opportunity to continue to develop two promising young players while giving us future flexibility".
Gasol, 34, has been a franchise cornerstone for the Grizzlies, but was made available a couple weeks back.
Temple started 49 games for the Grizzlies this season, averaging career highs in points (9.4) and rebounds (3.1). He had surgery after suffering a dislocated left thumb on December 12 and has not played since.
Miles, in his 14th campaign, has struggled with the Raptors this season. But three of the four Raptors who played the most minutes against the Cavs last May - DeMar DeRozan, Miles, and Valanciunas - are now all gone.