Update: The Vertical reports that the Pacers have waived Monta Ellis. The Pacers will only have to pay for this year on his contract as the final season’s player option is voided by the Pacers waiving him. No buyout agreement was reached.

According to Nate Taylor of the IndyStar, the Indiana Pacers are discussing a buyout with Monta Ellis, who was recently suspended for the first five games of next season for violating the drug policy.

Adrian Wojnarowski of ESPN reported in his Darren Collison article that the Pacers were still pondering whether Ellis would be a part of this year’s team.

Ellis has completed two years of a 4-year, $44 million deal, one of the much maligned deals that Larry Bird handed out in the past two off-seasons. Last season was arguably the worst season of his career as his age has evaporated many of his skills and he fit poorly alongside Jeff Teague.

If the Pacers buy him out, he’ll still count against the cap this season, but shouldn’t next season because the player option for 2018-19 is void if the Pacers waive him before the end of the 2017-18 regular season.