Larry Sanders and the Milwaukee Bucks have agreed upon a buyout, a league source tells RealGM.
Sanders is expected to receive $13 million on the rest of his $40 million contract.
Sanders has served a 10-game suspension this season for violating the NBA's anti-drug program and has been out for "personal reasons."
Sanders signed a four-year, $44 million contract extension in 2013.
With Sanders being bought out before March 1, he would be eligible to sign with a team and be included on their playoff roster.