The power forward, a Miami native, has spent his entire seven-year career with the Heat. The terms of the contract weren't announced but The Miami Herald reported it is for five years at $4 million per year.
"I am excited to be back," Haslem, 30, said in a statement. "It's a great opportunity to win. Miami has always been my home, and I'm happy I can play here for years to come."
Haslem committed to the Heat after LeBron James and Chris Bosh signed free agent contracts last week, joining superstar Dwyane Wade and guard Mario Chalmers on the team.
Haslem has played a key role off the bench for Miami, averaging 10.0 points and 8.1 rebounds per game. He has averaged nearly 31 minutes per contest in 517 career games.