Paul is coming off an impressive 2019-20 season where he averaged 17.6 points, 6.7 assists and 5.0 rebounds while helping lead the Thunder to the No. 5 seed in the Western Conference. He earned the 10th All-Star selection of his career.
However, the 35-year-old is set to make $41.4 million in 2020-21 and has a $44.2 million player option for the following season.
The price tag and the Thunder's plans to rebuild could lead to a trade before next season, and there are a lot of interested parties.
According to Ian Begley of SNY, the New York Knicks have been considering a trade for the veteran, while the Philadelphia 76ers and Milwaukee Bucks have also showed interest. Bleacher Report's Eric Pincus also wrote about how a possible trade to the Los Angeles Lakers could work.
Though the Lakers or Bucks could give Paul an immediate chance to compete for the first title of his career, he could provide even more value to a team like Phoenix.
The Suns narrowly missed the playoffs last season despite an impressive showing during the restart in Orlando, Florida. The organization has now gone 10 straight years without a postseason appearance, although there is a lot of talent on the current roster.
Devin Booker earned his first All-Star appearance last season, while young players like Deandre Ayton, Kelly Oubre Jr., Mikal Bridges and others round out an exciting core.
Ricky Rubio provided stability and a veteran presence at point guard last season, although Paul would represent a significant upgrade at the position and help Phoenix compete with the best teams in the West.