The sale to Robert Pera, chief executive of wireless equipment maker Ubiquiti Networks Inc, is subject to approval by the NBA's board of governors and other conditions.
"I have enjoyed my ownership of the Grizzlies and the support for professional basketball in Memphis," Heisley said.
"I am confident the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community."
Heisley purchased the Grizzlies in 2000 when it was located in Vancouver. Since relocating to Memphis in 2001 the team has participated in the play-offs in five seasons.
The team is coming off its two most successful NBA campaigns including the 2011-12 season when Memphis finished fourth in the Western Conference before losing to the Los Angeles Clippers in the opening round of the play-offs.
"I am excited about the opportunity to build on the work that has made the Memphis Grizzlies a highly competitive NBA team," Pera said.
"I look forward to getting to know the Memphis community and to continuing the team's success in Memphis."