Klay Thompson is expected to sign with the Miami Heat after clearing waivers following his contract buyout from the Dallas Mavericks, sources told ESPN's Shams Charania on Friday.
Thompson, 36, was due to make $17.5 million in the final season of his contract with the Mavericks, who announced his buyout Friday afternoon.
Thompson's buyout was initiated by him informing the Mavericks, who went 26-56 last season, that he wanted to play for a contender.
The Heat made Thompson their top target after pulling off the blockbuster trade for Giannis Antetokounmpo.
Thompson played two seasons for the Mavericks, averaging 12.9 points per game and shooting 38.7% from 3-point range. Thompson passed Damian Lillard last season to rank fourth in career 3-pointers made and sits at 2,899.
He addresses Miami's need to add perimeter shooting as the Heat attempt to construct a contender around Antetokounmpo and Bam Adebayo.
"Klay is one of the great players and competitors of his generation, and we are grateful for everything he brought to the Mavericks organization," Mavericks president of basketball operations Masai Ujiri said in a statement. "We have tremendous respect for Klay and all that he has accomplished throughout his career, and we wish him nothing but the best moving forward."
Thompson spent the first 13 seasons of his career with the Golden State Warriors before arriving in Dallas in a sign-and-trade deal in the summer of 2024. He was a five-time All-Star and four-time champion during his Golden State tenure, which was interrupted by Achilles and knee injuries that caused him to miss consecutive seasons.
He would pass Hall of Famer Ray Allen (2,973) for third place on the career 3-point list with 75 3s but faces a long climb after that behind James Harden (3,390) and his former longtime teammate Stephen Curry (4,248).