Agent Mark Bartelstein was working with the Suns to waive Ellington and allow him to join a playoff contender before the trade was completed, league sources told ESPN. The 31-year-old guard is averaging 8.4 points in 21.3 minutes per game for the Heat this season, both slightly above his career averages.
Johnson, who is averaging 10.8 points, 2.5 assists and 2.8 rebounds in 25.5 minutes per game this season, has one left year on his contract, assuming he opts in for $19.3 million next season. He has a 15 percent trade bonus valued at $1 million.
The tax bill in Miami will drop from $9.7 million to $1.7 million. That figure could drop further if Kelly Olynyk misses out on his $1 million bonus for playing 1,700 minutes, which he is not on pace to do.
Miami will create a $6.27 million trade exception with the deal, which Ellington must approve. Anderson has a cap hit of $20.4 million this season and $21.3 million in 2019-20, of which $15.6 million is guaranteed, with the remaining amount becoming fully protected if he isn't waived by July 10.
Anderson, 30, was averaging 3.7 points and 3.0 rebounds in his first season with the Suns. He has played for the Rockets, Pelicans, Magic and Nets in his career, averaging 12.5 points and 5.3 rebounds.
ESPN's Adrian Wojnarowski, Zach Lowe and Bobby Marks contributed to this report.