National Basketball Association

Dwyane Wade reportedly to sign with Bulls, ending tenure with Heat

Published Jul. 6, 2016 9:42 p.m. ET

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Dwyane Wade's run in Miami appears to be over. The longtime Heat superstar has informed the Chicago Bulls that he will sign with them, The Vertical reported Wednesday.

"This was not an easy decision, but I feel I have made the right choice for myself and my family," Wade wrote in a letter to the Associated Press.

The two sides agreed to a two-year, $47.5 million deal according to The Vertical. That's less than the two-year, $52 million deal the Denver Nuggets reportedly were offering the star shooting guard.

No deals can be signed until Thursday, the end of the NBA's signing moratorium.

According to The Vertical, the Bulls are trading veteran forward Mike Dunleavy to the Cavaliers and veteran guard Jose Calderon to the Lakers to create the cap space to sign Wade.

Wade spent his first 13 years in the NBA with the Heat, helping the team win its only three titles. A 12-time All-Star, Wade has been the franchise's cornerstone since it drafted him fifth overall in 2003.

But Wade, 34, grew frustrated with Miami as the franchise prioritized locking up Hassan Whiteside and pursuing Kevin Durant in free agency.

A Chicago native, Wade was named Finals MVP in 2006, teaming with Shaquille O'Neal to bring the Heat their first championship.

"Watching the Bulls growing up inspired me at an early age to pursue my dream of becoming a basketball player," Wade wrote in the letter. "My most treasured memories were watching my dad play basketball on the courts of Fermi Elementary School and developing my game at the Blue Island Recreation Center. I have never forgotten where I came from and I am thankful to have an opportunity to play for the team that first fueled my love of the game."

Wade then helped orchestrate the blockbuster moves Miami pulled off during the summer of 2010, when the Heat signed LeBron James and Chris Bosh to form the Big 3.

The trio led Miami to four straight Finals appearances, coming away with back-to-back titles in 2012 and 2013.

But despite all the success Wade brought to the franchise, he was never the highest-paid player on the team. That frustration became more evident when James decided to return to the Cavaliers in the summer of 2014.

Wade agreed to a two-year, $31.1 million deal in 2014, then opted out of the second year of that deal the following summer. He and the Heat had contentious contract talks in 2015, eventually agreeing to a one-year, $20 million deal.

That acrimony was present again this summer, as Wade waited on the club to lock up Whiteside and pursue Durant. The Heat reportedly offered Wade a two-year, $40 million deal, but Wade reportedly countered, seeking a two-year deal worth $50 million.

"I started my NBA career with the Miami Heat in 2003 and it has been an honor to have played with them and help build a winning franchise with three NBA championships," Wade wrote. "I look back with pride and amazement at all we have accomplished together. I want to express my gratitude to the Arison family, Pat Riley, Coach Erik Spoelstra, the coaching staff, and the entire Miami Heat organization.

"From the bottom of my heart, I want to thank the Miami community."

The Bulls have undergone a major makeover this summer, trading one-time franchise cornerstone Derrick Rose to the Knicks and not re-signing big men Joakim Noah and Pau Gasol. Chicago landed former All-Star point guard Rajon Rondo, who will be paired with Wade to form a new star-studded backcourt. Budding superstar Jimmy Butler is now the centerpiece of a franchise that appeared close to vying for a title a few years ago.

The Associated Press contributed to this report.

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