Gillespie played the entire 2024-25 season on a two-way contract and by the end of the season had become one of the struggling team’s more reliable players.
He started nine games of 33 total after spending part of the season sidelined with an ankle injury. The 6-foot-1 guard later made his first career NBA start on March 17 against the Toronto Raptors.
It was expected the Suns would have converted Gillespie to a standard deal had they made the postseason.
Gillespie, 26, averaged 5.9 points, 2.4 assists and 2.4 rebounds in 14 minutes per game, shooting 43% overall and 43% from three.
His return gives the Phoenix roster at least one traditional point guard behind a backcourt that includes Devin Booker, Jalen Green and, for now, Bradley Beal.
The Suns have also been reportedly linked to free agent point guard Chris Paul, who left them two years ago in the trade for Beal. He’s since played for Golden State and San Antonio.
Tyus Jones, who started 58 games at point guard before losing his starting job, could also potentially return.