Klay Thompson has been among the rumors of a potential exit from the Mavericks throughout the summer. The Heat appear determined to add the five-time All-Star this offseason, but there is one major condition standing in the way of a potential move.
According to NBA insider Marc Stein, the Heat are “desperate” to land the veteran sharpshooter, but the team wants to sign him as a free agent rather than trade for him.
“What I’ve said from the jump, and I feel like we’ve been writing about this and we’ve been talking about it on the show since mid June before the draft. Is this an absolute never-going-to-change position? We don’t know, but multiple sources told me last week it is not clear how this is going to play out,” Stein said in his appearance on the DLLS Dallas Mavericks Podcast.
“Now, eventually something is going to have to play out because the Mavs have 16 standard contracts. Who knows if there are any more on the way between now and the start of training camp.”
“So, the week of September 21, the Mavs will start camp, and you can carry more than 15 players until August 19th at, I think, 5 or 6 PM. Eastern time. 5 or 6 PM. Eastern time on opening night eve is when you have to cut down to 15 standard contracts.”
“At some point, the Mavs are going to have to address this. But it’s August 17th. October 19th is two full months away. They don’t have to do this today. And to this point, we still don’t know.”
“Really, all we know is Miami is desperate for Klay Thompson, but they want to sign him as a free agent. And they would not be the only team interested, obviously. But to this point, no indication that the Mavs’ position has changed.”
That makes Thompson’s situation with the Mavericks particularly important. The Mavericks reportedly prefer to trade Thompson rather than to negotiate a buyout, despite interest from the Heat and Lakers among other contenders.
As they assess their roster in preparation for the 2026–2027 season, the Mavericks have held that position and have not announced any plans to buy Klay Thompson out of his contract.
After leaving the Warriors in 2024, Thompson signed a three-year, $50 million contract with the Mavericks, which is about to expire. But compared to his prime, his output during the 2025–26 regular season was a major slump.
The 36-year-old five-time All-Star appeared in 69 games, averaging 11.7 points, 2.1 rebounds, and 1.4 assists. He shot 39.3% from the field and 38.3% from three-point range. While these numbers represent career lows in several categories, Thompson remains one of the most accomplished shooters of his generation.
He might be a fascinating fit with Miami’s stars because of his ability to spread the floor without using the ball. From a roster standpoint, the Heat’s interest also makes sense.
Thompson could be useful for the Heat with his veteran experience and as a proven three-point shooting threat for the Heat, who need more shooting around Giannis Antetokounmpo and Bam Adebayo. To make an impact, he wouldn’t have to be the main offensive option.
Additionally, Thompson has expressed his priorities. He recently stated that he wants to play a significant role on a team that can go far in the playoffs and competes for another championship.
The Heat might present just that chance. The Mavericks’ willingness to make Thompson available through a buyout is the issue. For now, the Mavericks reportedly remain more interested in finding a trade partner.
Until that stance changes, Miami’s reported desire to sign Thompson as a free agent may leave the Heat waiting on Dallas to make the first move.
