Last summer, the prevailing theory was Tim Thomas had made enough money and loved his short stint in Phoenix so much that he would return to the Suns — trading a smaller salary for a legitimate chance at a championship ring.

With more than $100 million in the bank, Thomas himself said he’d be crazy not to return to Arizona.

Then the Los Angeles Clippers offered Thomas a four-year, $24 million deal. Apparently crazy from the heat, he left skid marks on Interstate 10, heading west.

The Suns were left empty-handed, setting what became a fruitless free agency period into motion.

A year later, the Suns are in even more constricted financial straits — but will cross their fingers and roll the dice with almost the same scenario on Sunday.

No, all fantasy trades involving Kevin Garnett are now exhausted. He’s not coming.

This time, the target is Grant Hill.

Hill, who turns 35 in October, is coming off a seven-year, $93 million contract with Orlando but has never been on a team that has advanced past the first round of the playoffs in his 13-year NBA career.

The Suns will try to sell Hill on the lovely weather, team chemistry, relaxed practices and friendly atmosphere, but will have only a veteran’s minimum contract to put on the table ($1.2 million, $770,610 which would count against the cap). Other teams can offer a lot more money (Toronto, Orlando) while others can offer more than the Suns and offer a similar or better chance at success (Detroit, San Antonio).

Hill has let Phoenix know for years he was interested in playing here. Sources confirm he was in the Valley last weekend, although both sides swear there was no contact between player and team. When asked if he felt the Suns or the Spurs were a better fit, Hill told ESPN radio he’d choose the Suns.

But Thomas said all the right things — and in the end, took the money and ran.

Hill is not only Phoenix’s best option in free agency, he is the myopic target:

• The Suns had an interest in veteran big man P.J. Brown (38), but were unable to move Kurt Thomas’ $8.1 million salary during the draft. Brown is a shot-blocker and has expressed interest in trading a big salary (he made $8.5 million last year) to play for a winner. But adding another big man is out if Thomas is staying.

• Phoenix might like to beef up the guard position — they will kick the tires on Orlando reserve Travis Diener ($664,000) and keep track of the comeback attempt of veteran shooter Allan Houston, who hasn’t played in two years due to knee problems. Sean Marks might be invited back for another season.

But that’s about it.

Why? Take a look at the bottom line.

Assuming finalization of Thursday’s James Jones trade with Portland — which will trim $2.9 million — the Suns sit with a payroll at just less than $77 million — about $8 million over the luxury tax threshold of $69 million.

Only the New York Knicks ($88.3 million) and Dallas Mavericks ($79.3 million) have higher payrolls in the NBA, and only the Knicks currently stand to pay more in luxury taxes (because Dallas pays an amnesty salary in Michael Finley).

The Suns had a mid-level exception and more wiggle room last summer, but every move the team made with Mike D’Antoni acting as GM failed to produce results:

• After being outbid for Thomas and overruled by a higher source when John Salmons chose Sacramento over Phoenix, the Suns tried to rebound by signing Marcus Banks to a five-year, $21 million deal. But by the time the Suns returned from training camp in Italy, officials were worried they had made a mistake.

Banks played in only 45 games and more than four minutes once after Feb. 14. The Suns have tried to trade him, but couldn’t find a taker even when dangling a first-round pick as bait.

• Looking for shooters and role players, the Suns signed Jumaine Jones and Eric Piatkowski to veteran minimum contracts, hoping one would step forward as a contributor. No dice.

Jones, who averaged 10.5 points in 76 games for Charlotte the year before, arrived with a nasty ankle injury and never caught up, playing only 18 games and scoring just 40 points. Piatkowski is on a two-year deal and will return, but played in just 11 games.

• Phoenix felt it had a late coup on Oct. 7, picking up free agent Jalen Rose for a prorated minimum contract. But Rose had trouble keeping pace with the Suns’ tempo.

This time the Suns will have some youth on the bench in rookies Alando Tucker and D.J. Strawberry.

After that? It might be a tough Hill to climb.