Waiters, 25, will turn down an option worth a little more than $3.2 million. His consistent production this past season bodes well for a considerable salary increase.
June 29 is Waiters' official deadline date. Sources say the Heat are aware of his intentions.
He had a breakout season under head coach Erik Spoelstra. In his lone season with the Heat, Waiters registered career highs in rebounds (3.3), assists (4.3) and 3-point percentage (40%). His 15.8 points per game average was the third highest on the team and his second highest career mark.
Waiters has repeatedly expressed his desire to return to Miami, where he experienced a career rejuvenation.
He was selected fourth overall by the Cleveland Cavaliers in the 2012 draft and traded to the Oklahoma City Thunder in a three-team deal in January of 2015. He signed with the Heat as a free agent last offseason.