Jenkins reportedly interviewed with the Grizzlies last month. He would be the third NBA head coach hired from Milwaukee bench boss Mike Budenholzer's coaching tree - which includes his time with the Atlanta Hawks - over the last five years.
Jenkins worked under Budenholzer with both teams, and previously coached the San Antonio Spurs' G-league affiliate.
The Grizzlies hold the No. 2 pick in the NBA draft on June 20, where they are widely expected to select point guard Ja Morant.