As expected Dwyane Wade will not exercise his $16.5 million player-option for next season with the Miami Heat and will become a free agent on July 1, according to ESPN.

The news officially came on Monday after weeks of speculation regarding Wade’s contract situation with the team that drafted him fifth overall back in 2003.

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Pat Riley indicated on draft night last Thursday the Heat want Wade to return.

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“We want Dwyane back. There’s no doubt about that,” Riley said. “He’s been here 12 years. We’ve had cordial discussions with him. The one thing I learned about free agency is that when a player has an opportunity to be a free agent, I think you give him the space and time to think about that.”

Wade now officially has his space and the ability to test the market.

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News of Wade and the Lakers having mutual interest was reported last week.