Wade extension worth around $80 million

MIAMI -- Dwyane Wade and the Miami Heat have reportedly agreed on a five-year contract extension, with the hope that a deal will be finalized before the MVP of the NBA Finals leaves for USA Basketball's summer training camp later this month.

The South Florida Sun-Sentinel reported on Tuesday that Wade's agent, Henry Thomas, said that he expects Wade to sign the extension, for five years and between $75 million and $85 million, on July 12.

"We're on the same page," Thomas said in the Sun-Sentinel.

Wade is eligible for a deal worth about $80 million; the exact value of the extension, much like the one agreed to by Carmelo Anthony with Denver and the one offered to LeBron James in Cleveland, will not be known until the salary cap for the 2007-08 season is set.

New contracts cannot be signed before July 12. Wade is expected to report to practice with the U.S. world championships team in Las Vegas on July 19.

There is no real urgency on either side; he is under contract for next season with the Heat, who will defend their first NBA championship. Without the extension, Wade would become a free agent after the 2007-08 season.

But the Heat -- who quickly made their extension offer -- almost certainly are not going to let that happen. Thomas said earlier that he and the Heat are engaged in "very positive" talks.

"Both sides will work towards a signed extension prior to Dwyane leaving for practice," Thomas said.

Wade has repeatedly said he wants to stay in Miami, reiterating that again Monday during a visit to Walt Disney World in Orlando, where he and teammate Udonis Haslem donned Mickey Mouse hats and were grand marshals of a Heat victory parade.

Wade also arranged for 100 underprivileged South Florida children to board Orlando-bound buses and spend the day with him and Haslem at the theme park.

Other than coach Pat Riley saying that getting Wade to agree to an extension is Miami's top offseason priority, the team has not commented on the negotiation process.

Wade was the fifth pick in the 2003 draft, and his rise to stardom was quick. He averaged a career-best 27.2 points during the regular season, making 49.5 percent of his shots, plus averaging 6.7 assists and 5.7 rebounds.

In the playoffs, he was even better, averaging 28.4 points -- and 34.7 in the NBA Finals, when he led the Heat past the Dallas Mavericks in six games.

"I have confidence that it's going to get done," Wade said.

Information from The Associated Press is included in this report