(Photo credit: Jerome Miron-Imagn Images)

The Miami Heat announced on Sunday night the signing of five-time All-Star guard Klay Thompson after the final year of his contract was bought out by the Dallas Mavericks.

While contract terms were not announced, ESPN reported on Friday that Thompson planned to sign a two-year deal worth nearly $13 million. Thompson, 36, became a free agent after clearing waivers. The Mavs bought out Thompson, who was set to make $17.5 million this season, and placed him on waivers after he told the team he wanted to play for a contender. Dallas announced his departure Friday.

A 13-year NBA veteran, Thompson won four championships with the Golden State Warriors (2015, 2017, 2018, 2022). He's a two-time All-NBA third-team honoree (2015, 2016) as well as All-Defensive second team in 2019.

'Klay is one of the most iconic players to ever suit up in the NBA,' Heat president Pat Riley said in a news release. 'A four-time battle-tested world champion who will fit perfectly into his role as an all-around player at both ends of the court. We all talk about his shooting skill, but there is so much more he brings to the game. We are blessed that Klay chose the Heat in our quest to challenge for championships.'

Dallas finished 26-56 and in 12th place in the NBA's Western Conference last season, while the Heat are loading up for a deep playoff run after acquiring Giannis Antetokounmpo in a July trade with the Milwaukee Bucks. Miami was 43-39 last season and 10th in the Eastern Conference. It failed to make the playoffs after being knocked out of the play-in tournament by the Charlotte Hornets.

Thompson is fourth all-time with 2,899 made 3-pointers and owns a 40.9% career 3-point shooting percentage.

He averaged 11.7 points, 2.1 rebounds, 1.4 assists and 21.7 minutes while shooting 38.3% from 3-point range in 69 games (eight starts) last season with Dallas. He led the Mavericks with 202 3-pointers -- his 11th season with at least 200 from long range.

For his career, Thompson has averaged 18.6 points, 3.4 rebounds, 2.2 assists and 31.4 minutes while shooting 44.8% from the field and 85.8% from the free-throw line in 934 regular-season games (822 starts) for the Warriors (2011-19, 2021-24) and Mavericks (2024-26). He missed two seasons because of knee and Achilles injuries.

He set a league record with 14 3-pointers in a single game against the Chicago Bulls on Oct. 29, 2018.

--Field Level Media