The South Florida Sun-Sentinel and Miami Herald reported the sides were in talks Tuesday, and sources told ESPN on Wednesday that the Heat, Bosh and the players' union tentatively agreed to a resolution.
Bosh, 33, was sidelined this past season when he failed a preseason physical -- Heat team doctors declined to clear him to take part in training camp -- after he missed the second half of the previous two seasons due to blood clots.
Bosh last played in a game on Feb. 9, 2016, remaining on the Heat's roster and taking up salary cap space as the sides worked through medical and legal issues. His five-year, $118 million contract runs through the 2018-19 campaign.
The agreement has not been finalized as Bosh and his family, agents and lawyers are still reviewing documents, according to ESPN.
Bosh is guaranteed his remaining $25.3 million salary for 2017-18 and $26.8 million salary for 2018-19, but a significant portion is covered by insurance. The agreement is expected to remove Bosh from the Heat's salary cap.
The new collective bargaining agreement takes effect July 1 and includes policies for evaluating a player's health, partially because of the Bosh situation, according to ESPN.
Even though he has repeatedly been urged to retire, Bosh continues to insist he still hopes to find a treatment plan that would allow him to return to play in the future.
In 13 NBA seasons, seven with the Toronto Raptors and the past six with the Heat, the 6-foot-11, 235-pound Bosh owns averages of 19.2 points and 8.5 rebounds in 893 career NBA games. He averaged 19.1 points and 7.4 rebounds in 53 games for the Heat in 2015-16 before the blood clots cut his season short.