Source: Ex-Blazer Frye to Phoenix

Updated: July 11, 2009, 12:21 AM ET news services

Free-agent forward Channing Frye agreed to terms with the Phoenix Suns on Friday, a source close to the process told

Frye, who was with the Portland Trail Blazers the past two seasons, is believed to have signed a two-year, $3.8 million deal for the team's biannual extension and will have an option on his second year of the contract, a league source told

The Cleveland Cavaliers were reportedly interested in signing Frye with the remainder of their mid-level exception, but the 2005 first-round pick of the New York Knicks decided to travel south to Phoenix.

ESPN Insider's Chad Ford and's Ric Bucher contributed to this report.