Dwyane Wade will remain in Miami after accepting a one-year, $20 million contract offer from the Heat, according to reports.
The All-Star guard sparred with the team the past few weeks over a new deal before coming to terms on Thursday. The contract can't be finalized under NBA rules until July 9.
Wade went public with the news, posting a video on Instagram with a caption "My City, My Home, My House" and "Let's get it! #HeatNation"
Wade was slated to make $16.1 million next season in the second year of a two-year contract but opted out to pursue a more lucrative deal. The one-year contract gives the Heat some salary-cap flexibility heading into next season when several high-profile free agents will be on the market.
"It has been an honor and privilege to play with the Miami Heat the past 12 years," Wade said Thursday in a statement. "The Heat family and I have shared incredible moments over the years and I look forward to continuing our journey. I am extremely proud of my personal contributions in helping to build the Heat franchise and for bringing three NBA championship wins to our great city."
Heat president of basketball operations Pat Riley said in a statement that the team was negotiating with Wade and intended to re-sign him at the end of the NBA's moratorium period.
Wade has spent his entire career with the Heat but has struggled with injuries, missing 48 games the past two seasons. He played in 62 regular-season games last season and averaged 22 points, 4.0 rebounds and 5.0 assists.
"For my entire NBA career, Miami has always been my city and my home," Wade said. "I'm overwhelmed with the love and support the Miami community have consistently shown me and my family throughout the years."
"This contract is a win-win for both Dwyane and the Heat," said Henry Thomas, Wade's agent. "Not only does Dwyane get to extend his Hall of Fame-worthy career with the only franchise for whom he has ever played, but he will have the flexibility next summer to sign an additional deal.
"And the Heat gets to keep their franchise cornerstone while having the ability to build a championship-contending roster."