Report: Wade opts out of contract with Heat

(SportsNetwork.com) - Dwyane Wade declined the $16.1 million player option he has with the Miami Heat next season and will become a free agent, according to a report by ESPN on Monday.

Wade, 33, will be able to negotiate with any team when free agency begins Wednesday.

The perennial All-Star has spent his entire 12-year career with the Heat, winning three NBA titles. He is reportedly seeking a three-year contract with an average salary of at least $16 million per year.

Wade took less salary when LeBron James and Chris Bosh were signed to form the "Big 3" in Miami in 2010 and did so again when James went back to Cleveland last season.

The 11-time All-Star, who has missed 48 games the past two seasons and 78 the past four due to recurring injuries, averaged 21.5 points and 4.8 assists per game this past season.

Wade ranks atop the Heat franchise list in games, points, assists and steals.

Earlier Monday, the Heat announced Luol Deng has elected to pick up the option for the remaining year of his contract.

Miami signed Deng to a two-year, $20 million contract last July that included a $10.15 million player option for 2015-16. The two-time All-Star started 72 games in his Heat debut, averaging 14.0 points, 5.2 rebounds and 1.9 assists.