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MIAMI (CBSMiami) – As the NBA’s free agency period opened up on July 1st, it didn’t take long for the first domino to fall in Miami.

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According to Yahoo Sports, the Miami Heat and Goran Dragic have come to terms on a five-year deal worth $90 million.

The fifth year of this contract will carry a player option, meaning that Dragic can opt out after four seasons with Miami.

The Heat acquired Dragic in a trade from the Phoenix Suns last season, knowing that he would be an unrestricted free-agent once the season was over.

Both sides have shown mutual interest in one another and it was widely thought that a long-term deal would get done.

With Dragic locked up, the Heat will now give their full attention to re-signing Dwyane Wade.

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Wade opted out of the final year of his contract and is now a free-agent.  It’s been reported that Wade is looking for a max contract from Miami, but its unlikely that any team in the league would be willing to pay him that kind of money.

Wade, 33, has been dealing with multiple injuries over the past several years and during the last two seasons only played in 54 and 63 games, respectively.

When healthy, Wade can still play at an extremely high level.

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Update: Pat Riley essentially confirmed the signing

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“Miami HEAT President of Basketball Operations Pat Riley announced today that the team has been engaged in negotiations with free agent guard Goran Dragic and intends to re-sign him to a player contract at the conclusion of the NBA Moratorium Period.”