The 24-year-old Bennett is now set to join his fifth team in as many NBA seasons.
He appeared in 23 games last season for the Brooklyn Nets, averaging 5.0 points and 3.4 rebounds per contest.
In 151 career NBA games, Bennett has put up just 4.4 points and 3.1 rebounds per game with a 39.2 percent field-goal percentage.
After a disappointing rookie campaign with the Cavs, Bennett was dealt to the Minnesota Timberwolves along with Andrew Wiggins for Kevin Love.
Bennett spent just one season with the T-Wolves before moving to the Toronto Raptors and then the Nets.
The Toronto native is in line to go down as one of the biggest draft busts in NBA history, but the Suns present him with a unique opportunity.
Phoenix is a young team, especially in the frontcourt, and the 6'8", 240-pounder has a chance to provide some depth behind budding players such as Marquese Chriss, Dragan Bender and Josh Jackson.