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The move has not yet been formally announced, but sources said Pietrus' name appears on a list of players released Thursday that has been circulated to all 30 teams.
If Pietrus clears waivers 48 hours from the official time of his release, he'll become an unrestricted free agent.
Pietrus was actually traded to the Toronto Raptors earlier this month for a conditional second-round pick, but the Raptors rescinded the trade after Pietrus' troublesome right knee was flagged by the Raptors during his physical.
The trade also called for the Suns to pay $1 million to Toronto and left little doubt that Pietrus -- acquired from Orlando as part of the December deal to acquire center Marcin Gortat and create some salary-cap flexibility for the summer of 2012 -- no longer has a future in Phoenix.
The Suns made the move despite Pietrus possessing a guaranteed salary of $5.3 million salary this season.
The only other veteran player of note on the league-issued list of players released Thursday, sources said, is Miami center Zydrunas Ilgauskas, who had already announced his intention to retire after one season with the Heat.