The Phoenix Suns are still hoping to acquire Chris Paul from the Oklahoma City Thunder. But they have a backup plan in the event talks dissolve.

Michael Scotto of HoopsHype reported the Suns will pursue Toronto Raptors point guard Fred VanVleet if they fail to acquire CP3 from the Thunder:

If Chris Paul falls through, Fred VanVleet is a guy Phoenix has interest in depending on how things shake out on the trade market.

Of course, the latter part about the “market” is pretty important, especially in light of comments VanVleet recently made on J.J. Redick's podcast.

VanVleet—who is likely to be among the most coveted players available—said he is hoping to “cash out” in free agency. Naturally, the Suns would have to make a pretty lucrative offer and almost certainly use all of their cap space to bring him aboard.

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Phoenix is projected to have just over $20 million in cap space, per Spotrac. The Suns might need to get creative in making more space, particularly because they will likely have to outbid other teams.

The New York Knicks have the second-most projected cap space, and are also expected to pursue VanVleet in free agency if they fail to land a star point guard.

Meanwhile, VanVleet's current employer holds his Bird rights, and can go over the salary cap in an effort to re-sign him this offseason.

The Suns are likely to prioritize their pursuit of Paul. But they will have to move quickly if talks break down and they still hope to make a run at VanVleet.