The Miami Heat and Dwyane Wade have agreed upon a two-year deal with a 14-15 salary worth approximately $16 million.

The second-year is a player option, which would give him flexibility and the possibility of a raise.

The Heat renounced their rights to Udonis Haslem on Monday, which will setup paying him $2.7 million on the room mid-level exception.

Wade opted out of his deal this offseason for free agency.