Miller, 33, was released by the Heat via the amnesty clause earlier this month as the two-time defending champions looked to reduce their luxury tax bill. Miller had been on the books for $6.2 million in 2013-14 and $6.6 million in 2014-15.
Regarded as one of the league's best spot-up shooters, Miller is a career 40.6 percent three-point shooter. A 2000 lottery pick, Miller's 13-year career has included stops with the Magic, Grizzlies, Timberwolves, Wizards and Heat. He previously played in Memphis from 2003 until 2008. While in Memphis, he was named the 2006 Sixth Man of the Year.
Limited by back problems in recent years, Miller nevertheless distinguished himself as a key piece during both of Miami's title runs. In Game 5 of the 2012 Finals, Miller sank seven three-pointers to clinch the series against the Thunder. During Miami's dramatic Game 6 comeback win over the Spurs in the 2013 Finals, Miller famously drained a three-pointer while wearing only one shoe.
Memphis will be very glad to add Miller, even though he has missed significant portions of each of the last four seasons. The Grizzlies ranked No. 30 in three-pointers attempted last season and they ranked No. 24 in three-point percentage. The lack of an outside presence to complement the interior duo of Zach Randolph and Marc Gasol was a decisive factor for the Grizzlies, who were swept out of the Western Conference finals by the Spurs. His ability to stretch the floor should add a new dimension to the Grizzlies' offense when it comes time for the 2014 postseason.
The Thunder and Rockets were also linked to interest in Miller in various reports.