Former first-overall pick Ben Simmons and the Brooklyn Nets are actively negotiating a buyout, league sources told ClutchPoints. This report was confirmed by Shams Charania of ESPN on Friday morning.

Simmons, 28, is in the final year of his contract and making $40.3 million. Once he reaches an agreement with the Nets and clears waivers, the three-time All-Star will be eligible to sign with any team that is currently not an apron team.

The Cleveland Cavaliers and Los Angeles Clippers, who were among the teams showing the most interest in Simmons immediately following Thursday's NBA trade deadline, have already scheduled visits for him. Simmons will meet with the Cavs and Clippers starting on Friday in order to decide where he will play next, according to Charania.

Since being traded to the Nets in 2022 as part of the James Harden trade with the Philadelphia 76ers, Simmons has played in only 90 games for the Nets. The 6'10” guard has averaged 6.5 points, 6.3 assists, and 6.2 rebounds as a member of the Nets.

Simmons instantly becomes the best player to hit the buyout market this season and could instantly help several playoff teams around the league.

Although he does carry some injury concerns with him, Simmons has always been known to be a great facilitator and defender. Any playoff-contending team that is under the first and second apron could utilize his abilities in a limited role off the bench.

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In addition to the Cavs and Clippers showing interest, the Houston Rockets are another team that will look to schedule a meeting with Simmons, sources said.

It is not expected that Simmons will need to wait long to sign a new contract once his buyout with the Nets is complete. Upon clearing waivers, he will be choosing his next team and ultimately join what will be the third different franchise he has played for.

Talks around the league of Simmons pursuing a buyout with the Nets have grown louder in recent weeks. Despite the notion earlier in the season that the team wasn't going to look to buy him out before the trade deadline, this now gives Simmons a chance to regain confidence before heading into free agency over the summer.

(ClutchPoints' Erik Slater also contributed to this report)