Chris Paul to become free agent as Phoenix Suns waive future hall ...

The Phoenix Suns are waiving future hall-of-famer Chris Paul.

The 38-year-old is said to be exploring multiple options this summer that include trades or re-signing on a cheaper contract before the June 28 deadline.

Releasing him before the end of the month means the organisation will only have to dish out a guaranteed $15m (£12m) for the superstar instead of the entire $30.8m (£24.7m) left on his deal for the 2023-23 NBA season.

Paul, who has spent the last three seasons in Phoenix, has struggled in the playoffs, and missed the team's final four games due to a groin injury.

If the Suns do not waive him, they may instead opt to take the cap hit, and attempt to re-sign Paul on a lower annual rate.

It's also worth noting that as the president of the Players Association, he negotiated a rule that specifically benefitted himself and other veteran free agents and allowed them to sign significantly bigger contracts.

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He may have his gaze locked on a destination away from Arizona, especially since sources within the league have confirmed the future hall-of-famer is interested in playing for many more years to come.

Although Paul has averaged a career-low 13.9 points, and shot shot below 45.0 per cent from the field, he's still capable of being a key cog for a championship team.

The Los Angeles Lakers are the current betting favourites to land him. Their cross-town rivals, the Los Angeles Clippers, are also eyeing up a reunion with their former guard.

Others on the list include the Philadelphia 76ers, the Milwaukee Bucks, and the Boston Celtics - all teams looking to secure a ring in next season's campaign.