Point guard Goran Dragic agreed to a five-year, $90 million deal with the Miami Heat, who can shift their attention to keeping backcourt mate Dwyane Wade.
Wade did not exercise his player option for next season and became a free agent at midnight ET Tuesday.
Dragic can sign his contract July 9, the first day free agents are allowed to sign new deals.
Heat president of basketball operations Pat Riley acknowledged in a statement Wednesday that the team was negotiating with Dragic and "intends to re-sign him to a player contract at the conclusion of the NBA Moratorium Period."
Dragic, acquired from the Phoenix Suns last season, said for months he wanted to stay in Miami and took less than the maximum allowable annual salary to make it work. He averaged 16.6 points and 5.3 assists in 26 games for the Heat.
The Heat have flexibility to retain Wade but might be looking ahead to their potential pursuit of big-name free agents in 2016, when Kevin Durant of the Oklahoma City Thunder is among headliners.
Wade is seeking a deal that averages around $15 million for three or four years. His option for 2015-16 would've paid $16.1 million.
