Per Chris Mannix of Yahoo Sports, Monroe and the Pelicans have mutual interest. Adrian Wojnarowski of ESPN later reported the Pelicans' talks with Monroe are "gathering momentum," with head coach Alvin Gentry calling the center and discussing a starting role with the team.
Monroe and the Phoenix Suns agreed to a buyout Wednesday, making him a free agent after he clears waivers.
A New Orleans native, Monroe is averaging 10.4 points and 7.4 rebounds in 25 games with the Suns and Milwaukee Bucks. He is shooting a career-high 60.1 percent from the field in 21.8 minutes per game.
The Pelicans are seventh in the Western Conference at 27-23. They have finished out of the top eight in the last two seasons and missed the playoffs.