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MIAMI (CBSMiami) – The Miami Heat and Dwyane Wade aren’t ready to end their union.

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According to a report from the Associated Press, Wade and the Heat have come to terms on a 1-year deal worth $20 million.

Wade opted out of the final year of his last contract, which would have paid him just over $16 million for the upcoming season.

It seems that the $4 million raise was enough to keep Wade happy and playing in a Miami Heat uniform.

Minutes after the report surfaced, Wade posted this message on Instagram:


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Wade also released the following statement:

“It has been an honor and privilege to play with the Miami Heat the past 12 years. 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. For my entire NBA career, Miami has always been my city and my home. I’m overwhelmed with the love and support the Miami community have consistently shown me and my family throughout the years.”

As for Wade’s agent Henry Thomas, he had this to say:

“This contract is a win-win for both Dwyane and the Heat. 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.”

The $20 million contract makes Wade the second-highest paid player on the Heat roster behind Chris Bosh, who will make $22.2 million next season.

The news comes just hours after reports surfaced that Heat president Pat Riley would be meeting with free-agent LaMarcus Aldridge on Thursday night in Los Angeles.

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