Frye developed a dilated cardiomyopathy, which is an enlarged heart. This was found during a routine preseason physical by Suns team cardiologist Dr. Tim Byrne.
"The good news is it is a virus so it does have a good chance of going away," Frye said. "My heart can be normal again."
Frye will not participate in any basketball activities and his progress will be re-evaluated in December. He said he would rest for six months, confining his activities to golf and yoga.
Frye visited the Mayo Clinic in Minnesota Wednesday.
"It was very shocking and, at the same time, scary," he said of his situation. "It's not like an arm or a knee or an elbow where you're like, 'Maybe I can just rehab this.' It's something that keeps you going."
Frye was sidelined by a shoulder injury late last season but said the rehab for his shoulder went well and there were no lingering symptoms.
He had been cleared to begin scrimmaging and was planning to participate in training camp, beginning Oct. 2.
The 6-10 forward remains optimistic for a return to the NBA.
"I'm definitely not done," he said.
Frye graduated from St. Mary's High in Phoenix, played at the University of Arizona and was drafted eighth overall by the New York Knicks in 2005.
He also played for Portland before signing with Phoenix as a free agent in 2009.
In three seasons with the Suns, Frye has averaged 11.5 points, 5.9 rebounds and 1.00 blocks in 222 games.
Frye has led the Suns in 3-pointers made for the past three seasons, and has made a combined 434 3s since joining the Suns, the third-most of any NBA player in that span (Jason Richardson, Danny Granger).
"Nothing is more important to us than the health and well-being of our players," Suns President of Basketball Operations Lon Babby said in a statement released by the team. "Channing and his family have the full support of our organization. His health is our primary concern and we are committed to helping him in any way he needs."
On the suns.com website, the team is asking for fans to submit well wishes to Frye.
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