Canaan, 28, won a roster spot with the Suns in training camp and opened the season as the team’s starting point guard. He was waived in late November after appearing in 19 games.
Canaan signed a pair of 10-day contracts with the Timberwolves in January and February, but was let go after the second one expired. He joined the Bucks in late February on another 10-day deal, but was waived after six days to make room for Pau Gasol.
Overall, Canaan appeared in 30 games, averaging 6.0 points and 2.8 assists per night. He has played 235 career games for six NBA franchises, including brief stops with the Rockets, Sixers and Bulls.