The Mavericks have reached a buyout agreement with Klay Thompson, the team announced in a press release. The veteran wing is expected to sign with the Heat after he clears waivers, sources tell ESPN’s Shams Charania (Twitter link).

Miami has been targeting Thompson throughout the summer as an ideal shooter to team with Bam Adebayo and newly acquired Giannis Antetokounmpo. However, Thompson was under contract for $17.5MM and Dallas hadn’t shown much interest in the Heat’s trade offers, leaving a buyout as the only reasonable pathway to a deal. Miami held onto roughly $8MM from its mid-level exception to make an offer to Thompson if he became available.

The Mavericks had a roster excess with 16 players holding standard contracts, but they weren’t eager to part with Thompson without getting something of value in return. That changed recently when Thompson informed them that he wanted to play for a contender, according to Charania (Twitter link).

More to come …