The Miami Heat will sign Derrick Jones Jr. to a two-way contract.

Jones was released by the Phoenix Suns in early December. Jones has appeared in 38 games, all with the Suns, over his first two NBA seasons, averaging 4.7 points and 2.2 rebounds in an average of 15.2 minutes.

The Heat released Matt Williams Jr. from his two-way contract.

Mike James has been released by the Phoenix Suns just a few weeks after they converted his two-way deal into a standard NBA contract.

James fell out of the Suns' rotation over the past four games.

“Mike established himself as an NBA player here and our partnership proved to be beneficial,” Suns general manager Ryan McDonough told Yahoo Sports. “Mike had a handful of 20-point games and helped us win a few games. We wish Mike the best as he works to find another home.”

James made his debut in the NBA this season after spending his previous pro seasons overseas.

The Utah Jazz have waived Nate Wolters, who was on a two-way contract.

Wolters appeared in five games for the Jazz this season while also playing in another 13 in the G League.

Before the current season, Wolters last played in the NBA in 14-15.

The Chicago Bulls have waived guard Kay Felder.

Felder (5-6, 176) appeared in 14 games for Chicago and averaged 3.9 points, 1.0 rebounds and 1.4 assists in 9.6 minutes. He also played in three games for the Windy City Bulls and averaged 17.3 points, 3.6 rebounds and 4.6 assists, while shooting 45.2 percent from the field (19-of-42).

Chicago’s roster now stands at 16, including two Two-Way players.

The Brooklyn Nets have requested waivers on guard Yakuba Ouattara. 

Ouattara originally signed a two-way contract with Brooklyn on July 21. He appeared in one game for Brooklyn’s NBA G League affiliate, the Long Island Nets, recording 14 points, five rebounds, two assists and two steals in 31 minutes.

The Milwaukee Bucks will waive Gary Payton II and plan on signing Sean Kilpatrick.

Payton's 45 days of service as a two-way player are coming to an end. Payton's release is not a popular move within Milwaukee's locker room.

Kilpatrick was waived by the Brooklyn Nets to create a roster spot following the trade for Jahlil Okafor and Nik Stauskas. 

The Atlanta Hawks have waived Nicolas Brussino.

Brussino was claimed off waivers by the Hawks this offseason after his release by the Dallas Mavericks.

The Phoenix Suns have waived Derrick Jones Jr. in order to create a roster spot to sign Mike James for the remainder of the season.

Jones is expected to receive interest on waivers as he's in the second season of a four-year deal.