Miami is acquiring Phoenix's Ryan Anderson in the deal for Tyler Johnson, league sources tell ESPN.
John Gambadoro of 98.7 FM Arizona's Sports Station initially reported the complete deal. He has a player option for next season that calls for him to be paid $19.3 million.
Ellington, 31, who was on a one-year, $6.2 million contract, had to give permission for a trade, which agent Mark Bartelstein confirmed to the South Florida Sun Sentinel, the tradeoff for gaining his freedom to now sign with a contender. He's shooting 42.6 percent from the field and 35.3 percent from 3-point range. Miami also included guard Wayne Ellington as part of the trade. Ellington has an average of 8.4 points, just above his career average. His contract includes a 15 per cent trade bonus valued at $1 million that he will receive as a result of this move.
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The 26-year-old Johnson is in his fifth National Basketball Association season.
Philadelphia is expected to keep a close on what the future holds for the ex-Miami Heat member. Forward Justise Winslow being named as the Heat's starting point guard while Dragic recovers from knee surgery further added to the crowd.
Anderson agreed to lower his guaranteed amount to $15.6 million for next season - the amount of Knight's deal - and having fallen out of the rotation could have been a buyout or stretch candidate after this year.