UPDATE 7/15 3PM
A person familiar with the situation says Dwyane Wade is staying with the Miami Heat.
Wade has agreed to a two-year deal with a player option for 2015-16, according to the person who spoke to The Associated Press on condition of anonymity Tuesday because neither Wade nor the Heat immediately announced the terms.
Wade made reference to the deal Tuesday, tweeting "Home Is Where the Heart Is" and calling himself a "HeatLifer" in a photo of him below Miami's three NBA championship banners.
Wade is entering his 12th Heat season and is the franchise's all-time leader in games, points, assists and steals. Last month, he opted out of a deal that would have paid him $42 million over the next two seasons.
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APNP Tue, 15 Jul 2014 18:47:10 GMT<
It's starting to look like Dwyane Wade will stay a Miami Heat.
ESPN is reporting Wade's contract to return to Miami is done, and a signing announcement could come soon.
Wade is expected to sign for up to four years, which could give him roughly $15M per season.
Wade sent out a tweet today saying "Home is where the heart is" -- followed by a hashtag saying "Heat Lifer."
Wade opted out of his last year on his contract with the Big-3.
Miami has already re-signed Chris Bosh, Chris "Birdman" Anderson, and Mario Chalmers.
They've also signed Josh McRoberts and Danny Granger.
(Photo: Mike Ehrmann / 2012 Getty Images)