All-star point guard Chris Paul, who guided Phoenix to their first NBA Finals since 1993, has agreed to a new four-year deal with the Suns worth up to $120 million, US media reported Monday.
The 36-year-old opted out of his contract by declining a $44.2 million player option for next season, becoming an unrestricted free agent.
Contract agreements with free agents cannot become official until the start of the new NBA year on Friday.
Paul played through a string of injuries throughout the 2021 playoffs but was able to lead the Suns into the finals, where they lost in six games to the Milwaukee Bucks.
He underwent wrist surgery but is expected to be back in time for the beginning of the 2021-22 NBA season, American broadcaster ESPN reported.
In his 16th NBA season, Paul averaged 16.4 points, 8.9 assists, and 4.5 rebounds a game with the Suns. In 20 playoff games, he averaged 19.2 points, 8.6 assists, and 3.5 rebounds.
In other reported free agent moves Monday, Kyle Lowry, who spent nine years with the Toronto Raptors, is headed to the Miami Heat in a sign and trade deal.
The 35-year-old Lowry won an NBA title with Toronto in 2019.
Lowry posted on Twitter: "MIAMI HEAT X KYLE LOWRY… LET'S GOO!!"
The Heat also agreed to bring back restricted free agent Duncan Robinson on a five-year, $90 million deal, his agent Jason Glushon said.
The New Orleans Pelicans are set to trade guard Lonzo Ball to the Chicago Bulls for two players and a draft pick, said ESPN.
The 23-year-old restricted free agent, who began his career with the Los Angeles Lakers, is expected to sign a four-year, $85 million contract in a sign-and-trade agreement.
New Orleans would get point guard Tomas Satoransky, forward Garrett Temple, and a future second-round pick.
In 55 games last season, Ball averaged 14.6 points and shot 37.8 percent from three-point range. In his career, Ball has averaged 11.7 points and 5.8 assists in 217 games over his four seasons. This will be Ball's third NBA team in the past four seasons.
The Dallas Mavericks have reportedly re-signed guard Tim Hardaway Jr. to a four-year deal. Hardaway, 29, averaged 16.6 points with 3.3 rebounds and 1.8 assists in 70 games last season.
In other moves, Jarrett Allen agreed to a five-year deal worth $100 million to remain with the Cleveland Cavaliers, and the Los Angeles Lakers are retooling their roster by bringing in center Dwight Howard, forward Trevor Ariza, and guard Wayne Ellington.