3-time NBA champion and all-star Dwyane Wade has decided to opt out of his current contract with the Miami Heat next year, a source told ESPN on Monday.
Wade, who was scheduled to make $16 million under his contract, will become a free agent on Wednesday, July 1st when teams can begin meeting with free agents.
The Heat and Wade have been at a contract-crossroads as the Heat legend faced a Midnight Monday deadline on whether he would like to opt into his contract or file for free agency, choosing the latter.
Wade, who turns 34 in January of next year, is believed to be seeking a deal that would average $16 million over three seasons. The Heat had preferred if Wade would exercise his option and then work with the team next season on a contract, giving the Heat salary cap space to possibly sign a top free agent in the 2016 free agent class, which is expected to feature Anthony Davis and Kevin Durant.
Wade has said to have mutual interest with the Los Angeles Lakers but the Cleveland Cavaliers have said to have interest in signing Wade, teaming him up with LeBron James yet again.
Heat president Pat Riley most likely wants nothing to do Wade departing South Beach after losing LeBron James just last season, when he left the Heat to sign with the Cleveland Cavaliers again.
Wade has had injury riddled seasons the last two, missing 48 games between the seasons. Last season though, Wade made a huge jump, missing only 20 games compared to the 28 he missed last season. Last season, Wade averaged 21 points, 5 assists and 4 rebounds.
Earlier Monday, Luol Deng exercised his player option worth about $10 million.