Dwyane Wade and Miami Heat Agree to 1-Year Contract | News, Scores, Highlights, Stats, and Rumors

Longtime Miami Heat star Dwyane Wade decided against picking up his player option for the 2015-16 season, per Ramona Shelburne of ESPN.com, though he has reached a deal to stay in Miami for the upcoming season.

Wade and the Heat have agreed to a one-year, $20 million contract, according to the Tim Reynolds of the Associated Press. 

Wade announced the news on Instagram:

“The Heat family and I have shared incredible moments over the years and I look forward to continuing our journey," Wade said, via Reynolds.

On June 30, Reynolds of the Associated Press reported Wade had met twice with the Heat recently to discuss his future with the team.

On June 30, Chris Broussard of ESPN.com reported there wasn't much widespread interest in Wade because of concerns about his age and injury history. The 33-year-old guard has been forced to deal with consistent knee problems throughout his career.

Although his minutes declined again—he played a career low 31.8 per game—as the Heat attempted to keep him healthy, Wade took on a bigger role offensively following the departure of LeBron James and with Chris Bosh being sidelined due to injury.

He responded by averaging 21.5 points and 4.8 assists while flashing some of the electric playmaking ability he showcased frequently during his prime. He was happy with his overall performance, as noted by Reynolds: "Obviously, our team went through a lot of bizarre stuff throughout this year but I thought individually, what I was able to do in 30, 31 minutes, I thought I was as efficient as I could be. I always think I can do better, but what I was able to accomplish ... I thought was pretty good individually."

Wade carries the most value with the Heat in terms of playing a key role offensively and being marketable thanks to his connection to the fanbase.