
Terms of the buyout were not disclosed Tuesday.
Pavlovic's contract was acquired along with that of center Ben Wallace, a future conditional second-round selection and cash considerations from Cleveland in exchange for O'Neal on June 25.
The Suns and Wallace agreed to a contract buyout on July 13.
The 25-year-old Pavlovic originally was a first-round pick of the Utah Jazz in the 2003 draft. He spent the last five seasons with the Cavaliers.
In Game 2 of the Eastern Conference finals, Pavlovic scored nine points in 21 minutes in the 96-95 win over the Orlando Magic.