Update (3:25 p.m. ET): ESPN is now reporting that Wade and the Heat agreed to a two-year contract, with a player option for the second year. The contract's financial terms haven't been confirmed. The deal could be finalized as early as Tuesday.


Free agent guard Dwyane Wade will return to the Miami Heat next season, sources with knowledge of the situation told ESPN Tuesday.

Exact details won’t be available until the deal is finalized, but Wade and the Heat agreed to a long-term contract, ESPN reports. The 32-year-old guard announced his decision on Twitter.

In June, Wade opted out of the final two years of his existing contract with the Heat to give the franchise increased financial flexibility. He would have earned $41 million over that span.

Lingering knee issues limited Wade to just 54 games in the 2013-14 NBA season. Still, the 2006 NBA Finals MVP remained effective, averaging 19 points and 4.5 rebounds per game along with a career-high 55 percent shooting.  

With Wade in tow, Miami has now re-signed two members of its vaunted “Big Three,” a trio which led the Heat to a pair of NBA championships. Fellow free agent forward Chris Bosh announced on Friday that he’d accept a five-year, $118 million max contract offer from the Heat, spurning a similar offer from the Houston Rockets.

While Wade’s return to Miami was all but assured, four-time MVP LeBron James opted to leave South Beach in favor of a contract with the Cleveland Cavaliers. Wade addressed James’ departure in a statement on Saturday.

“LeBron made the right decision for himself and his family because home is where your heart is. I know this was not an easy decision to make and I support him in returning to his roots,” Wade said.

To replace James, the Heat signed free agent small forward Luol Deng to a two-year, $20 million contract on Monday. A two-time NBA All-Star, Deng will join Wade, Bosh, fellow free agent acquisitions Danny Granger and Josh McRoberts, and incumbent players such Mario Chalmers on a new-look Miami roster.