Beal spent the last two seasons as part of a very ambitious Suns project alongside Kevin Durant and Devin Booker.
The failure of this 'Big 3', which only managed to compete in one round of the playoffs, led the Suns to begin a rebuild of their roster, which included the recent trade of Kevin Durant to the Houston Rockets.
Hampered for years by injuries, Beal was never at his best in Phoenix. Last season, he posted his worst scoring average (17 points) in a decade.
After selling Durant, the Suns had been negotiating the departure of Beal, one of the highest-paid players in the NBA, for weeks.
Finally, the former Wizards shooting guard agreed to be released by giving up $13.9 million of the $110 million the Suns were supposed to pay him for the final two years of his contract, according to ESPN.
Phoenix will be able to spread that amount over five years and have more salary-cap space to sign other players.
As a free agent, Beal plans to sign with the Clippers on a two-year, $11 million contract, his agent, Mark Bartelstein, told ESPN.
The Clippers have been one of the biggest players in the transfer market as they look to shore up a roster that revolves around veterans James Harden and Kawhi Leonard.
The franchise, owned by billionaire Steve Ballmer, had already bolstered its inside game with the arrival of power forwards John Collins and Brook Lopez from Utah and Milwaukee.
The Lakers, Heat, Bucks and Timberwolves were other teams interested in drafting Beal, ESPN noted.