The 38-year-old's $30-million price tag would have been guaranteed on June 28 but the Suns will now only have to pay him $15.8-million next season after cutting him loose early.
It is believed the Suns will stretch the money over the next five seasons to create more budget room.
The Suns are apparently planning a bit of an overhaul in the off-season after Chris Paul became the latest big name to get the axe.
The news follows hotly on the heels of the announcement that they had replaced head coach Monty Williams with former Los Angeles Lakers boss Frank Vogel.
However, despite the massive changes the Suns still feel like they are within a championship window with a team being led by Booker and Durant and the extra budget space will come in handy when it comes to filling in the holes in the squad.
Kyrie Irving is being touted as a potential replacement for Paul, as well as the likes of James Harden, Fred VanVleet and D'Angelo Russell, who are all unrestricted free agents and could be picked up with relatively little fuss.
Paul, on the other hand, probably won't struggle to find a new team despite his age. The 11-time All-Star and future NBA Hall of Famer is already reported to have several suitors, including the Lakers.
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