Miami Heat star Dwyane Wade will join LeBron James on the NBA free agent market after informing the team on Saturday that he’ll opt out of his contract.

Heat President Pat Riley expressed optimism that the team would be able to retain the services of seven-time All-Star Wade, as well as keeping 11-year Heat veteran Udonis Haslem, who elected not to exercise his player option to stay with the team and also becomes a free agent.

“Today we were notified of Dwyane’s intention to opt-out of his contract and Udonis’ intention to not opt into his contract, making both players free agents,” Riley said in a statement.

“Dwyane has been the cornerstone of our organisation for over a decade, and we hope he remains a part of the Heat family for life.”

Wade is opting out of two years and $US41.8 million ($A45.2 million) left on his contract.

US media reported that Chris Bosh, the third unit with James and Wade of Miami’s “Big Three” trio of stars, would also opt out of the final two years of his contract.

Bosh is apparently willing to take a pay cut from what he was owed next year so that Miami can bolster a team that was dominated by the San Antonio Spurs in the NBA championship series this month.

If Wade and James are also willing to accept pay cuts, Miami could look at adding a proven free agent from outside.