On September 30, 2003, Tsakalidis was traded by the Suns, along with teammate Bo Outlaw, to the Memphis Grizzlies for Brevin Knight, Robert Archibald, and Cezary Trybański.
January 5, 2004 – Traded with Antonio McDyess, Howard Eisley, Charlie Ward, rights to Miloš Vujanić, 2004 first-round draft pick (used to select Kirk Snyder), future first-round draft pick (used in 2010 to select Gordon Hayward) and $3 million to the Phoenix Suns for Stephon Marbury, Penny Hardaway and Cezary Trybański.