Uncertainty has surrounded the franchise recently following the departures of CEO Jason Levien and assistant general manager Stu Lash.
However, interim general manager Chris Wallace and owner Robert Pera are believed to have turned their attentions to extending Randolph's contract after the latter confirmed that head coach Dave Joerger would be staying with the team.
According to Yahoo Sports, Randolph's representative Raymond Brothers has met Pera in recent days to discuss the possibility of handing the 32-year-old a new deal.
"We have a great level of comfort and trust with Robert Pera and Chris Wallace," Brothers revealed on Monday. "Chris and I have been working together for years. He is a good guy."
Randolph moved to the Grizzlies from the Los Angeles Clippers in 2009.