Frustration stemming from his reserve role combined with the stress related to a recent family issue has caused Iverson to consider hanging up his jersey for good, The Commercial Appeal of Memphis reported Monday morning.
But Heisley said there was no indication of such consideration by the 34-year-old guard, and the owner told the newspaper that "if he was going to retire, he'd tell me first."
Iverson returned to his home in Atlanta late last week with Heisley's permission.
"I expect him to come back," Heisley said. "If he does retire, I'll be tremendously disappointed. I feel bad because I don't think that's the way he should go out."
Iverson has played in three games since returning from a hamstring injury, averaging 12.3 points, 3.7 assists and 22.3 minutes. But he has expressed displeasure over coming off the bench thus far this season.
"It's something that I never did in my life, so obviously it's a big adjustment," he said last week. "I'm so tired of discussing that, talking about that, every single day. It's just not something that I want to discuss."
Iverson has also acknowledged he had become a distraction.
"When I hear anything about the Memphis Grizzlies, I don't hear you guys talk about anything other than the situation with me coming off the bench," he said Friday. "I mean, there's got to be something else with this team to talk about besides that. But I guess that sells a lot better than anything else when it comes to this team."
Information from The Associated Press was used in this report.