4:23pm: The Suns have officially waived Canaan, per a release from the team.
Canaan, 27, started 15 games for Phoenix this season, though as Charania notes, Devin Booker has been getting more run at the point guard spot lately. Canaan is averaging 7.5 points and 3.3 assists per game this season.
The Suns’ G League affiliate, the Northern Arizona Suns, owns Canaan’s rights should he choose to join go that route, Adam Johnson of 2 Ways & 10 Days tweets. Canaan has played in 23 G League games to date.
Because Canaan was on a non-guaranteed contract, the Suns won’t be on the hook for his entire salary. Assuming he goes unclaimed on waivers, his cap charge would be about $407K.