The Phoenix Suns have informed veteran point guard Chris Paul that he will be waived ahead of the start of free agency, first reported by TNT's Chris Haynes. Having a partially-guaranteed contract of $15.8 million for the 2023-24 season, the Suns will save themselves about $15 million in cap space by waiving Paul.

It is worth noting that he is not retiring and that Paul is “eager” to help a team contend for a championship, per Haynes.

Paul, 38, recently finished his 18th NBA season and his third season in Phoenix. Since he joined the franchise in 2020, the Suns have recorded 160 total regular season wins, the most wins out of any team in the league.

In 194 games with the Suns, the veteran guard has averaged 15.1 points and 9.5 assists per game while shooting 36.6 percent from three-point range. One of the best point guards in NBA history, Paul was instrumental to Phoenix's success in 2021, helping them reach the NBA Finals for the first time since 1993.

While they will be waiving Paul, the Suns retaining their point guard on a new, team-friendly contract is still a realistic option. Whether or not he wants to remain in Phoenix after being waived is a completely different conversation.

With superstars Devin Booker and Kevin Durant making a combined $83.3 million next season, as well as former first-round pick Deandre Ayton set to make $32.4 million, Phoenix needed to find a way to cut costs with more than half their roster entering free agency. They now do so by letting Paul become a free agent.

The 12-time All-Star will now be an unrestricted free agent and one of the marquee names on the market when the free agency period begins in July.