Update: Dwyane Wade officially signs with Heat on two-year deal

Steve Mitchell-USA TODAY Sports

Wade helps the team taking a pay cut on a short-term contract.

Multiple reports are coming in that Dwyane Wade will be re-signing with the Miami Heat on a favorable two-year deal that will give the team maximum cap flexibility in 2016.

He announced his intentions to stay with the Heat via Instagram.

"The Associated Press", citing an anonymous source, "reported the deal is for two years and worth about $34 million, with a player option for the 2015-16 season."

"He is taking roughly an $8 million pay cut from the two years and $42 million he opted out of to become a free agent last month. Wade's pay cut, the second time in his career he's taken less to help the Heat, helped free up money to give Bosh a full five-year, $118 million max contract and Deng a two-year, $20 million deal."

The second year has a player option, giving the Heat more cap flexibility next season as well but 2016 appears to be the offseason that several teams are targeting, with several big names entering the free agency market and what is expected to be a large bump in the salary cap thanks to a new television deal.

With Wade returning on a similar deal as All-Star Luol Deng signed, the Heat will have many options to shape a roster featuring Chris Bosh, who signed a max five-year deal.

UPDATE:

It became official today.

Here's the press release from the Miami Heat:

HEAT Re-Signs Dwyane Wade

MIAMI, June 15 - The Miami HEAT announced today that they have re-signed guard Dwyane Wade. Per club policy, terms of the deal were not disclosed.

"Dwyane has been the franchise cornerstone for this team since the day he arrived 11 years ago," said HEAT President Pat Riley. "He has shown his commitment to the HEAT many times over the course of his career and has always been willing to sacrifice in order to help build this team into a champion. This time is no different. I am ecstatic to have him back in the fold and I am confident that Dwyane, as always, will be leading this team as we look to contend for NBA Championships."

Wade, a three-time NBA Champion, has played his entire 11-year NBA career with the HEAT, appearing in 719 regular season games (710 starts) averaging 24.3 points, 6.0 assists, 5.0 rebounds, 1.76 steals and 36.6 minutes while shooting 49.2 percent from the field. The 10-time NBA All-Star is the HEAT's all-time leader in points (17,481), field goals made (6,276), free throws made (4,579), double-figure scoring efforts (691), assists (4,301), steals (1,262), starts, games played and minutes played (26,331). He also ranks among the HEAT's all-time leaders in blocks (2nd, 696), double-doubles (4th, 116), total rebounds (4th, 3,605), defensive rebounds (4th, 2,669), offensive rebounds (5th, 936), field goal percentage (7th, .492) and three-point field goals made (8th, 350). Additionally, his 696 career blocks are the sixth-most by a guard in NBA history.

He appeared in 54 games (53 starts) last season and averaged 19.0 points, 4.7 assists, 4.5 rebounds, 1.46 steals and 32.9 minutes while shooting a career-high 54.5 percent from the field. He scored in double-figures 48 times, including 28 20-point games, while leading the team in steals 17 times, points and assists 13 times each and in rebounds on four occasions. He scored his 17,000th career point at New York on January 9 and earned NBA Player of the Week honors on December 22.

Wade, the 2006 NBA Finals MVP, has appeared in 152 career postseason games (all starts) and averaged 22.9 points, 5.3 rebounds, 5.1 assists, 1.64 steals, 1.01 blocks and 38.9 minutes while shooting 47.8 percent from the field. He has appeared in 28 postseason series, the most by any player in HEAT history and his 153 career postseason blocks are the second-most by a guard in NBA playoff history. His 3,481 career postseason points are the 17th-most in NBA history, just 126 points shy from tying Wilt Chamberlain for 16th place on the league's all-time list. Last postseason, Wade appeared in 20 games (all starts) and averaged 17.8 points, 3.9 rebounds, 3.9 assists, 1.50 steals and 34.7 minutes while shooting 50 percent from the field. He capped the 2014 postseason appearing in his fourth consecutive NBA Finals, helping Miami become just the third NBA franchise to make four-straight NBA Finals appearances.

Here is Dwyane Wade's official statement:

"I am proud to have spent every single day of my career as a member of the Miami HEAT and to have brought three championship titles to this great city. I've been here through the good times and the hard times. I have confidence in the Miami HEAT organization and the team they are building. To all the HEAT fans, in Miami and around the world, I know you will continue to show support for our team."

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