The 33-year-old signed a two-year, $31.1 million deal with Miami last summer. If Wade had exercised his player option, he would have made $16.1 million during the 2015–16 season.
Wade is still free to sign with the Heat despite opting out. The Miami Herald reported in May that Wade hopes to land a three-year contract, but that there is a “sizable gap” between the salary Wade is seeking and what Miami wants to pay him.
Wade reportedly is open to leaving the team if the two sides can't resolve differences in contract negotiations. Another option for Wade would be to accept a one-year deal this offseason before signing a longer deal next year.
Last summer Wade opted out of his contract, which would have paid him $41.6 million over two years, to provide Miami more flexibility to make personnel moves.
Wade just completed his 12th season with the Heat.
Over 62 games in 2014–15 he averaged 21.5 points, 4.8 assists and 3.5 rebounds per game while shooting 47 percent from the field. Wade was hampered by hamstring issues for part of the season.
NBA free agency begins on July 1.
• NBA rumors: latest news, buzz around free agency