In the deal, the Heat also acquire Dragic's brother, Zoran, from the Suns. Miami is sending two first-round picks and forward Danny Granger to Phoenix and trading Shawne Williams and guard Norris Cole to the New Orleans Pelicans. The Pelicans are sending guard-forward John Salmons to the Suns. Center Justin Hamilton will also leave Miami for one of the two teams.
Dragic requested a trade from the Suns after he informed the team he would not re-sign with it in the offseason. The Heat were on a list of teams, along with New York and Los Angeles, that Dragic had said he would re-sign.
Miami will acquire Dragic's Bird rights in the trade, allowing it to offer an extra year and more money when his contract expires. Dragic, the 2013-2014 Most Improved Player, was averaging over 16 points and four assists a game for Phoenix.
The Pelicans are expected to buy out Williams, making him a free agent. Williams is shooting 39.5 percent from three-point range this season.
The Suns are currently eighth in the West at 29-25, while the Heat are eighth in the East at 22-30. New Orleans is 1.5 games behind Phoenix at 27-26.