Mike James
Suns guard Mike James was originally on a two-way contract. (Barry Gossage/NBAE via Getty Images)

The Phoenix Suns will waive high-flying wing Derrick Jones Jr. to create space for the contract conversion of Mike James, a league source told Def Pen Hoops on Thursday morning.

James will sign a rest-of-season contract with the team and become a restricted free agent at season’s end, a source said.

Yahoo’s Shams Charania was first to report the Suns’ decision to move on from Derrick Jones Jr.

The Suns, who had to move a player to create space for James, spent much of this week searching for viable trade scenarios to bring back potential value. The team has explored the value of Greg Monroe since acquiring him in a trade with Milwaukee last month, and his future with the team remains uncertain.

Mike James, 27, spent recent seasons playing overseas and in the G League before signing a two-way contract with the Suns in July. He impressed the team in just 25 contests, filling in after starting point guard Eric Bledsoe was traded to Milwaukee last month. He’s averaged 10.5 points in 22 minutes per game.

Derrick Jones Jr., an athletic young prospect in his second NBA season, appeared in just six games with the Suns this year. He’ll likely receive strong interest on the open market, according to Yahoo Sports.

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