Klay Thompson has emerged as a player of strong interest for the Miami Heat, multiple sources told the Miami Herald. The Heat's interest in Thompson exists regardless of whether LeBron James ultimately signs with the team.

Thompson would address Miami's need for shooting and size on the wing. The larger question is whether the Dallas Mavericks would move him via trade or buyout.

Dallas currently sits well below the luxury tax line and has little financial incentive to part with Thompson unless he agrees to a significant pay reduction in a buyout scenario. Thompson is owed $17.5 million in the final year of his three-year contract signed in 2024.

NBA insider Marc Stein reported last week that Dallas prefers exploring trade options over a buyout.

"To this point as much has been relayed to me is the Mavs preference would be a trade," said Stein. "I think it's still early enough in the summer that if you're the Mavs you would exhaust those options first."

A trade would likely require Miami to attach Nikola Jovic's contract in any deal, though it remains unclear whether Dallas has interest in absorbing his four-year, $62 million extension. If Thompson pursues a buyout instead, he could offset a pay cut by accepting a portion of Miami's $7 million midlevel exception, assuming that money isn't allocated to James.

Thompson averaged 11.7 points last season while shooting 39.3 percent from the field and 38.3 percent on 7.6 three-point attempts per game across 69 appearances for Dallas. 

The Heat are looking to add a scoring wing with size to complement Andrew Wiggins, Tim Hardaway Jr., rookie Ryan Conwell and Pelle Larsson. Miami has held preliminary talks with representatives for free agent Bradley Beal but has not pursued him aggressively.

Miami remains in a holding pattern with free agent wing Demar DeRozan, who could become a stronger target if James signs elsewhere. Free agent guard Russell Westbrook has also been mentioned as a fallback option if James bypasses the Heat, according to the New York Post's Stefan Bondy, though Miami has not pursued him with urgency.