Ellington is in his 10th National Basketball Association season and has averaged 8.4 points in 25 games with the Heat this season.
Ellington, 31, is in his 10th National Basketball Association season.
In 44 games this season, the 26-year-old is averaging 10.8 points and 2.8 rebounds per game on 42 per cent shooting from the field.
The deal provides salary-cap and luxury-tax relief for the Heat, while Johnson gives the Suns another playmaker and ballhandler to back up star guard Devin Booker.
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Johnson, who is averaging 10.8 points, 2.5 assists and 2.8 rebounds in 25.5 minutes per game this season, has one left year on his contract, assuming he opts in for $19.3 million next season.
The idea of signing Ellington, of course, is contingent upon the team still having an open roster spot following the trade deadline and the Suns granting Ellington his release so the potential signing may not occur for a few days still.
Anderson, 30, earns roughly the same amount at $20.4 million this season but has a friendlier contract in 2019-20 with only $15.6 million guaranteed. He is in the third year of a four-year $80 million deal.
Johnson, 26, is in his fifth National Basketball Association season, all with the Heat. But, he will likely be waived by the Suns, ESPN reports. He also has played for the Rockets, Pelicans, Magic and Nets during his career, averaging 12.5 points and 5.3 rebounds.