| Date: | February 20– 26 |
| Edition: | 31st (men) / 21st (women) |
| Surface: | Hard / Indoor |
| Venue: | Racquet Club of Memphis |
| Champms: | Tommy Haas |
| Champws: |  Sofia Arvidsson |
| Champmd: | Ivo Karlović / Chris Haggard |
| Champwd: |  Lisa Raymond /  Samantha Stosur |
The 2006 Regions Morgan Keegan Championships and the Cellular South Cup were tennis tournaments played on indoor hard courts. It was the 31st edition of the Regions Morgan Keegan Championships, the 21st edition of the Cellular South Cup, and was part of the International Series Gold of the 2006 ATP Tour, and of the Tier III Series of the 2006 WTA Tour. Both the men's and the women's events took place at the Racquet Club of Memphis in Memphis, Tennessee, United States, from February 20 through February 26, 2006.
See main article: 2006 Regions Morgan Keegan Championships – Singles. Tommy Haas defeated Robin Söderling, 6–3, 6–2
See main article: 2006 Cellular South Cup – Singles. Sofia Arvidsson defeated 
Marta Domachowska, 6–2, 2–6, 6–3
See main article: 2006 Regions Morgan Keegan Championships – Doubles. Chris Haggard / Ivo Karlović defeated James Blake / Mardy Fish, 0–6, 7–5, [10–5]
See main article: 2006 Cellular South Cup – Doubles. Lisa Raymond / Samantha Stosur defeated 
Victoria Azarenka / Caroline Wozniacki 7–6(7–2), 6–3