Terrence Ross plans to sign with the Phoenix Suns after finalising his contract buyout with the Orlando Magic, according to reports.

Ross will be able to sign with a new team upon clearing waivers and becoming a free agent in the coming days, and will be eligible for any suitors' playoff roster if he agrees the buyout by March 1.

The Dallas Mavericks were reported as frontrunners to acquire Ross on Saturday, but the championship-chasing Suns are now in pole position, according to an ESPN report.

The Suns acquired Kevin Durant, as well as T.J. Warren, in a huge trade with the Brooklyn Nets earlier this week, sending Cameron Johnson, Mikal Bridges and Jae Crowder the other way alongside four first-round picks and a 2028 pick swap.

Ross' addition would provide cover for Durant in Phoenix after the Suns lost Johnson and Bridges to the Nets.

The 32-year-old is in the final season of his four-year, $54 million contract in Orlando, with his 22.5 minutes and eight points per game his fewest in a single campaign since his rookie year in 2012-13.

The Suns are fifth in the Western Conference following Friday's 117-104 win at the Indiana Pacers, in which Devin Booker and Deandre Ayton had 21 and 22 points respectively.