Trevor Ariza is signing a one-year deal, worth $15 million, with the Suns, according to Yahoo Sports.
The 33-year-old forward was rumored to be looking for a deal in the four-year, $50 to $60 million range, but it would appear he is going to sign a short term contract with the Suns.
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If things go great this year, then he has the option of signing a longer deal next season in free agency.
The Suns added Arizona center Deandre Ayton with the first-overall pick in the draft and acquired two-time national champion Mikal Bridges in a trade with the 76ers.
With those two players in addition to one of the best young scoring guards in the NBA in Devin Booker, the 2017 No. 4 overall pick in Josh Jackson, and underrated scorer T.J. Warren, they may have the pieces in place to make a significant improvement on one of the NBA's worst records this season.
Ariza is a solid two-way wing who averaged 11.7 points and 4.4 rebounds last season. He signed a four-year, $32 million contract with Houston in July 2014.
Ariza has spent 14 years in the NBA and won a championship with the Lakers in 2008-09. He has a career average of 10.5 points.