Anderson, a sharpshooting power forward, is entering the final two years of a four-year, $80-million contract signed with the Rockets in 2016. He'll make $20.4 million this upcoming season, although Wojnarowski reported Friday that Anderson reduced the guarantee on his 2019-20 salary to $15.6 million - the same as Knight's existing salary.
The Rockets tried to dangle Anderson in front of the New York Knicks a year ago in an attempt to land All-Star forward Carmelo Anthony, but a deal didn't materialize. He was also recently linked to the Miami Heat as a potential trade target.
During the 2017-18 season, Anderson averaged his fewest points per game since 2010-11, contributing 9.3 points and 5.3 rebounds while converting 38.6 percent from behind the arc in 26.1 minutes.
Melton was selected 46th overall out of USC in June. He made 36 appearances during his lone year with the Trojans, averaging 8.3 points and 3.5 dimes.
Phoenix is loaded with budding talent, especially in its frontcourt. Losing Chriss will free up more minutes for the likes of Josh Jackson and Dragan Bender at the four spot, assuming the veteran Anderson isn't slotted ahead of either player. Chriss also gets a much-needed change of scenery after a disappointing campaign plagued with foul trouble, maturity issues, and poor shooting.
Knight missed the entire 2017-18 season with a torn ACL in his left knee suffered playing basketball near his home in south Florida.