Transactions listed are from July 1, 1987 to
June 30, 1988.
- October 2, 1987
Signed Jeff Cook as a free agent.
- October 13, 1987
Waived Grant Gondrezick.
- October 19, 1987
Waived Rafael Addison.
- October 29, 1987
Waived Sedric Toney.
- December 28, 1987
Waived Bill Martin.
- February 24, 1988
- February 25, 1988
Traded Larry Nance, Mike Sanders and a 1988 1st round draft pick (Randolph Keys was later selected) to the Cleveland Cavaliers for Tyrone Corbin, Kevin Johnson, Mark West, a 1988 1st round draft pick (Dan Majerle was later selected), a 1988 2nd round draft pick (Dean Garrett was later selected) and a 1989 2nd round draft pick (Greg Grant was later selected).
- April 29, 1988
Alvan Adams retired.
- May 2, 1988
Fired John Wetzel as Head Coach.
- May 10, 1988
Hired Cotton Fitzsimmons as Head Coach.
- June 23, 1988
- June 28, 1988
Drafted Dan Majerle in the 1st round (14th pick) of the 1988 NBA Draft.
Drafted Tim Perry in the 1st round (7th pick) of the 1988 NBA Draft.
Drafted Rodney Johns in the 3rd round (55th pick) of the 1988 NBA Draft.
Drafted Steve Kerr in the 2nd round (50th pick) of the 1988 NBA Draft.
Drafted Dean Garrett in the 2nd round (38th pick) of the 1988 NBA Draft.
Drafted Andrew Lang in the 2nd round (28th pick) of the 1988 NBA Draft.
- June 30, 1988
Released Jeff Cook.
Released James Bailey.