Per Marc Stein of ESPN:
I’m told Grizzlies G Jerryd Bayless, in mild surprise, has elected to invoke $3.1 million player option for next season to stay in Memphis
— Marc Stein (@ESPNSteinLine) June 28, 2013
It was initially considered up in the air whether Bayless would return for the 2013-14 season. He averaged 8.7 points and 3.3 assists in 22.1 minutes per game as a key reserve for the Grizzlies last season.