According to ESPN's Marc Stein, the Suns are actively shopping both Knight and Chandler, but interest has been tepid thus far.
The 25-year-old Knight is in the midst of his worst NBA season, averaging a career-low 11.0 points and 2.4 assists per game.
Due to the play of Eric Bledsoe and Devin Booker, Knight has been relegated to a bench role as a swing guard.
The former Kentucky standout is already on his third NBA team after previous stints with the Detroit Pistons and Milwaukee Bucks, but he did average a career-high 19.6 points per game last season.
Chandler is in the midst of his 16th NBA season and second with the Suns after signing a four-year deal with the organization.
The 7'1" big man is a former NBA champion and NBA All-Star, and he is putting up 8.4 points and 11.4 rebounds per contest during the current campaign.
Phoenix's biggest challenge in moving either or both players is that they are under contract for multiple years at high salaries.
Knight is still young with plenty of potential, which could make him attractive to an up-and-coming team in need of backcourt help.
Chandler may be nearing the twilight of his career at 34 years of age, but he is still a strong defensive presence who could immediately help a playoff run.
With Phoenix nowhere near contention, however, moving both players and featuring the likes of Bledsoe, Booker, Marquese Chriss and Alex Len is the team's best course of action.