Former University of Tennessee basketball standout Ron Slay signed a free-agent contract with the Miami Heat yesterday, agent Shedrick Howard said.

Slay, a graduate of Pearl-Cohn High School, was not selected in the NBA draft on Thursday, but Howard said there were six teams that expressed interest in signing his client immediately following the draft. Yesterday, Howard said that number grew to 10.

''He's very excited,'' Howard said. ''He will report on Monday, and will continue working out and preparing.''

When asked if the contract contained any guaranteed money, Howard said it didn't ''at the present time.''

Miami chose Marquette shooting guard Dwyane Wade (6-foot-4, 210 pounds) with its first-round pick and selected power forward Jerome Beasley (6-10, 242) of North Dakota with its second-round pick.