Wojnarowski added there will be "interest league-wide" in Monroe once he clears waivers.
The 27-year-old joined the Suns in November in the trade that sent Eric Bledsoe to the Milwaukee Bucks. He was in the final season of his three-year, $51.4 million deal.
Per Bobby Marks of ESPN, Monroe was owed about $7 million more of his $17.8 million salary this season. Phoenix was already $8.8 million below the cap prior to the buyout, according to Marks.
Although he struggled to get onto the court for Milwaukee, with just 15.8 minutes per game in five contests, he fared better in Phoenix. Monroe entered Wednesday averaging 11.3 points and 8.0 rebounds per game in 20 appearances.
Several teams may already be gearing up for a run at the big man:
The 6'11" center has been a quality interior scorer and rebounder throughout his career, averaging 13.9 points and 8.7 rebounds in eight NBA seasons. While he doesn't have much shooting range and struggles at times defensively, he still could be a useful reserve for a contender.
Meanwhile, his departure from Phoenix will allow the Suns to hand more playing time to younger players like Marquese Chriss, Dragan Bender and Alex Len.