The Phoenix Suns have agreed to a contract buyout with veteran center Greg Monroe, according to ESPN's Adrian Wojnarowski and The Arizona Republic's Scott Bordow.

Should he clear waivers, Monroe is expected to receive significant interest from multiple teams for a contract for the remainder of the season. Here's more from Wojnarowski on the Suns' decision to buyout the big man:

The Boston Celtics and the New Orleans Pelicans have strong interest in Monroe and are expected to be at or near the top of his list, according to league sources.

Boston has the advantage of using part of its $8.4 million disabled player exception gained after the Gordon Hayward injury to sign Monroe, which would give them the ability to pay him more than teams that could only offer the veteran's minimum.

With the loss of DeMarcus Cousins for the season, Monroe, a New Orleans native, could have a chance to play substantial minutes for the Pelicans - an attractive scenario as he heads into free agency.