Update: Ric Bucher has retracted his reports from Friday afternoon and Thursday evening in regards to Kyle Lowry going to the Heat.

Here is his statement on Twitter:

My deepest and sincere apologies. My report on Lowry and a S&T between the Raptors-Heat is wrong. I should've known better. I could not be more embarrassed. I can't explain why someone would go the lengths "my source" did to set me up, but that's irrelevant. I allowed my zeal to break a story take too much for granted. I'd like to think I'm better than that. Yesterday and today I was not.

Here is what Bucher reported that we transcribed into a Wiretap.


An agreement between Kyle Lowry and the Miami Heat is "imminent", according to a source.

Teams, however, cannot speak to free agents from other clubs until after July 1.

"Lowry will be a member of the Heat," said the source, regardless of how the discussions between the current Big about opting out progress.

The exact terms of his deal are being worked out, but its value will be $9-$10 million a year for at least three years. He made roughly $6.2 million this past season.

The Heat would like to transform its Big Three of LeBron James, Dwyane Wade and Chris Bosh into a Big Four that includes Lowry and Carmelo Anthony instead of Bosh.

The Raptors are concerned that Lowry's improvement last season was inspired by his pending free agency and that has prompted the three parties to work toward a negotiate that benefits all sides. There is motivation for all involved to reach agreement quickly when free agency begins.

The Heat also drafted Shabazz Napier on Thursday to help solidify the point guard position, while Norris Cole could be dealt in a possible sign-and-trade for Lowry.

Doug Smith of the Toronto Star reports that there have been "zero" conversations between the Raptors and Heat.