The sides agreed that Rivers, who arrived in a trade with the Washington Wizards over the weekend, fits better with a more veteran team that's pursuing the playoffs, sources said.
Once Rivers, 26, clears waivers, Rivers will become an unrestricted free agent. He's earning $12.6 million this season. Although there have been conversations with teams on potential destinations, Rivers doesn't appear to have an imminent decision on his next stop, sources said.
Rivers, 26, was sent to the Suns with Kelly Oubre for forward Trevor Ariza in a deal formally completed on Monday.
Rivers didn't play particularly well in 29 games with the Wizards this season, averaging 7.2 points in 23 minutes on 39 percent shooting. He averaged a career-best 15.1 points, 4 rebounds and 2.4 assists for the Clippers last season before an offseason trade to Washington. Rivers showed versatility at both guard positions as his Clippers career evolved.
Rivers was the 10th pick in the 2012 NBA draft to New Orleans. This is his seventh NBA season.