Wade and the Heat reached agreement on a multiyear contract that will pay the 32-year-old All-Star guard at least $15 million per season, ESPN reported Tuesday.
"Home is Where The Heart Is... My Home,My City,My House..#HeatLifer," Wade tweeted.
Wade's physical decline was at the forefront of conversation during and in the aftermath of the Heat losing to the San Antonio Spurs in the NBA Finals last month. Wade said after the series-deciding loss that he will never point to health as a hurdle.
"I just struggled a little bit," Wade said. "As I told you guys, I'm never going to point at anything physically. I felt fine. I just struggled a little bit offensively. You know, I wish I could have done more, but it's the nature of the game. So nothing physically at all."
Yet, Wade went from a Flash redux in the Eastern Conference finals series with the Pacers to a sluggish and out of sync flop in the NBA Finals, shooting 43.8 percent from the field and averaging 15.2 points per game. He battled knee issues for most of the 2012-13 season and was held out of most back-to-back games in 2013-14 to preserve him with the idea his fresh legs would help carry Miami to a third title in four seasons as James' sidekick.
Wade opted out of a contract that would have paid him more than $41 million with a mission of keeping together the trio he helped recruit to be known as The Big Three. But James put the kibosh on a reunion when he announced last week in an essay that he would instead join the Cleveland Cavaliers.
Consequently, Wade will end up taking a $5 million pay cut in the short term that gave the Heat the flexibility to sign Bosh and small forward Luol Deng.
"As a friend and a teammate, I am sad to see my brother LeBron leave to begin a new journey," Wade said in his statement. "In 2010, we decided to come together all for one goal -- to win championships and we succeeded. We were friends when we first joined the league and created an unbreakable bond the past four years. Our collaboration will always be very special to me both personally and professionally. We shared something unique and he will always be part of my family. LeBron made the right decision for himself and his family because home is where your heart is. I know this was not an easy decision to make and I support him in returning to his roots. As an organization, a community, and as individuals, we achieved the goals we set when we first signed on together. We are champions."
The Heat signed Deng to a two-year, $20 million deal to replace James in the lineup and could use the additional financial flexibility to build more depth. Team president Pat Riley re-signed point guard Mario Chalmers and brought in free agents Josh McRoberts and Danny Granger.