Klay Thompson and the Dallas Mavericks have agreed to a contract buyout and the five-time All-Star intends to sign with the Miami Heat, according to sources.

Thompson’s move to Miami is expected to become official once he clears waivers. He will earn $13 million on a two-year deal, including a player option for the second season, according to ESPN’s Shams Charania.

The buyout announcement comes after the Mavericks missed the playoffs in both of Thompson’s seasons, which came after Luka Doncic led Dallas to the NBA Finals in 2024.

Thompson joined Dallas in a sign-and-trade with Golden State, giving the Mavericks one of the league's all-time great 3-point shooters to complement Doncic and another high-scoring guard in Kyrie Irving.

But the high hopes for that threesome imploded after the Mavericks sent Doncic to the Los Angeles Lakers for the oft-injured Anthony Davis in a deal before the trade deadline in 2025. Irving tore the ACL in his left knee a month later and hasn't played since. Davis was traded to the Washington Wizards just before the February trade deadline last season.

The trade ended up derailing the franchise, although Dallas overcame steep odds to win the draft lottery a few months after dealing Doncic. With the No. 1 overall pick, the Mavericks selected Duke star freshman Cooper Flagg, who ended up winning Rookie of the Year and giving the franchise new hope.

The addition of Flagg helped lead to Thompson coming off the bench in most games for the first time since his rookie year with Golden State.

Thompson won four NBA titles alongside Stephen Curry and Draymond Green with the Warriors. The 36-year-old spent his first 13 seasons with Golden State, although he missed two entire seasons with knee and Achilles injuries.

Thompson averaged 12.9 points and shot 39% from 3-point range in his two years with the Mavericks. His career marks are 19.6 points per game and 41% shooting from beyond the arc.

He passed Damian Lillard for fourth place on the career 3-point list in January and has 2,899 3-pointers, trailing only Curry, James Harden and Ray Allen.

BREAKING: Klay Thompson is expected to sign with the Miami Heat after he clears waivers upon a contract buyout with the Dallas Mavericks, sources tell ESPN. pic.twitter.com/jV40iKTyEz

— Shams Charania (@ShamsCharania) August 21, 2026