Wainright is nearing an agreement overseas with Hapoel Tel Aviv BC in Israel, Evan Sidery of Forbes Sports reports.
Wainright agreed to a two-way contract with the Suns on Monday, Shams Charania of The Athletic reports.
The Trail Blazers waived Wainright on Saturday.
Wainright played the final 1:56 of Tuesday's 130-113 win over the Kings, finishing with zero points (0-1 FG, 0-1 3Pt) and one rebound.
Wainright (knee) isn't listed on Portland's injury report for Saturday's game against Dallas.
Portland recalled Wainright (knee) from the G League's Rip City Remix on Friday.
The Trail Blazers assigned Wainright (knee) to the G League's Rip City Remix on Monday.
Wainright (knee) has been diagnosed with a left MCL sprain and will miss the next 4-6 weeks, Danny Marang of 1080 The Fan Portland reports.
Wainright is questionable for Friday's game against the Lakers due to left knee soreness.
Wainright was promoted to Portland's main roster Tuesday.