Phoenix Suns star Chris Paul has formally declined the $44 million player option on his contract for next season, but both Paul and the Suns are motivated to negotiate a new deal once talks can begin at 6 p.m. ET on Monday, sources told ESPN's Adrian Wojnarowski on Sunday.
Paul had a midnight ET deadline Sunday to decline the option and become an unrestricted free agent.
Paul was faced with the decision after coming just two wins short of the first NBA championship of his 16-year career in his first season with the Suns.