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Dwayne Wade Staying with Heat

The Miami Heat have re-signed Dwyane Wade, the team announced Tuesday.

The Heat did not disclose terms of the deal, but sources told it's for two years with a player option for the second year.

Wade took to Twitter on Tuesday to announce the agreement.

Heat president Pat Riley also commented on Wade in a statement issued by the team to confirm the signing.

"Dwyane has been the franchise cornerstone for this team since the day he arrived 11 years ago," Riley said. "He has shown his commitment to the Heat many times over the course of his career and has always been willing to sacrifice in order to help build this team into a champion. This time is no different. I am ecstatic to have him back in the fold and I am confident that Dwyane, as always, will be leading this team as we look to contend for NBA Championships."

The Associated Press, citing an anonymous source, initially reported that the deal is worth about $34 million but later pulled back on its reporting.

With the Heat's recent moves, including getting commitments from Chris Bosh, Luol Deng and Chris Andersen and signing Josh McRoberts, Mario Chalmers and Danny Granger, the Heat have positioned themselves to give Wade a contract that starts at about $15 million per season. Wade is expected to sign for up to four years.

Wade played just 54 regular-season games in 2013-14 as he dealt with various knee injuries and the Heat often held him out to rest him. He averaged 19 points, 4.5 rebounds and 4.7 assists per game on a career-high 55 percent shooting. He averaged 17.8 points per game during the playoffs.

He is taking of roughly a $5 million pay cut from the two years and $42 million he opted out of to become a free agent last month.

Wade's pay cut, the second time in his career he's taken less to help the Heat, helped free up money to give Bosh a full five-year, $118 million max contract and Deng a two-year, $20 million deal.