The Toronto Raptors will waive former No. 1 overall pick Anthony Bennett on Monday and sign veteran forward Jason Thompson for the remainder of the season, league sources told The Vertical.

Bennett, 22, played 19 games for the Raptors this season after returning to his hometown franchise as a free agent in September. In releasing Bennett and signing Thompson, Toronto will fortify its frontcourt depth and give Bennett an opportunity to seek an increased role elsewhere.

The Phoenix Suns may look into Bennett once he clears waivers, sources said.

Bennett, the first pick by Cleveland in 2013, has averaged 4.2 points and 3.1 rebounds in 128 career games for the Cavaliers, Minnesota Timberwolves and Raptors. During his stints with Cleveland and Minnesota, Bennett – a former standout at UNLV – had injury setbacks.

He averaged 1.5 points and 1.2 rebounds this season, remaining professional in limited minutes and developing on a veteran-laden team.

Bennett had a strong summer for the Canadian national team before returning to the U.S. and completing a buyout with Minnesota.

Thompson was waived by the Golden State Warriors last week to create roster space for the signing of Anderson Varejao. The 6-foot-11 Thompson has averaged nine points and 6.7 rebounds in eight NBA seasons with Sacramento and Golden State.

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