In 11 games with the Suns, Knight averaged 13.4 points and 4.5 assists while shooting 35.7 percent from the field. Over the season, he averaged 17.0 points and posted career-high averages in assists (5.2) and rebounds (3.9).
Knight missed 16 of Phoenix's final 17 games because of an ankle injury. The 23-year-old is set to become a restricted free agent. Phoenix can match any offer sheets other teams extend to Knight.
ESPN's Marc Stein reported that there's a growing feeling around the league that the Suns will explore trading guard Eric Bledsoe if they sign Knight to a contract. The Suns signed Bledsoe to a five-year, $70 million contract last September.
Last season, the Suns went 39-43 and missed the playoffs.