Jones agreed Monday on a buyout with the Memphis Grizzlies, giving up about $300,000 of his $15.7 million salary to gain his freedom from the team with the NBA's worst record. The money lost through the buyout will be made up when he signs for a prorated portion of the NBA minimum.
Jones will clear waivers Thursday morning, after which he can sign with any NBA team.
However, a source close to the situation said Jones has already decided he'll sign with Miami, meaning it is possible he will be in uniform for the defending champs when they play the Cleveland Cavaliers on Thursday night.
The 12-year veteran spent five seasons with the Heat before being dealt to the Grizzlies in the five-team trade in the summer of 2005 that sent James Posey, Jason Williams and Antoine Walker to the Heat.
Jones was averaging just 5.6 points in 29 games for the Grizzlies after being a 16.0 scorer over the first dozen years of his career.
Chris Sheridan covers the NBA for ESPN Insider.