In 19 games with Phoenix, Canaan averaged 9.1 points and 4.0 assists.
The Suns favor from this trade immediately, while the Magic will have to hope the Grizzlies second-round pick converts into a future asset during this upcoming NBA Draft. He is now shooting 52 percent from the floor, 37.3 percent from three-point range and 63.2 percent from the free-throw line.
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Payton, who played his collegiate basketball at the University of Louisiana at Lafayette, was originally selected by the Philadelphia 76ers with the 10th overall pick of the 2014 NBA Draft.
Canaan underwent surgery February 1 to fix the ankle he injured the previous day in a game against the Dallas Mavericks.
With Payton scheduled to be a free agent next season, the Magic didn't want to lose him for nothing. The former Cajun point-guard is reaching career highs this season in scoring (13.0 points per game), field-goal percentage (.520) and 3-point shooting percentage (.373).
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