Miami Heat

Klay Thompson trade and buyout chatter has followed the Dallas Mavericks for months, but no team has been linked to him as heavily as the Miami Heat. But their pursuit of Thompson is facing a roadblock from Dallas, even though Miami’s interest is reportedly desperate.

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The Klay-to-Heat rumors really took off after the Heat lost LeBron James to the Philadelphia 76ers in free agency. Since then, Miami has been connected to the veteran sharpshooter in almost every rumor. 

According to insider Marc Stein, the Mavericks still prefer a trade, while the Heat want to land Thompson as a free agent without giving up their remaining young assets

 «To this point the Mavs position has not changed. They would prefer to trade him (Klay Thompson),» Stein said, via The Stein Line. «All we know is, Miami is desperate for Klay Thompson but they want to sign him as a free agent. They would not be the only team interested.»

The Miami Heat are DESPERATE for Klay Thompson, per @TheSteinLine

“To this point the Mavs position has not changed. They would prefer to trade him (Klay Thompson). — All we know is, Miami is desperate for Klay Thompson but they want to sign him as a free agent. They would not… https://t.co/tBVI9LI9Uo pic.twitter.com/CrnYbqBD4e

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— Heat Central (@TheHeatCentral) August 17, 2026

The trade interest makes sense given the drop in Thompson’s stock. His two years in Dallas have been rough by any metric. This past season, the four-time champion averaged a career-low 11.7 points on a career-worst 38.3% from deep. He also logged a career-low 21.7 minutes across 69 games, starting just eight times. 

These numbers were unthinkable during his prime Warriors run. Because the five-time All-Star has a $17.46 million player option for 2026-27, his decline makes him very difficult to trade directly.

Miami’s front office has been looking for shooting and playoff experience ever since losing James. Thompson, 36, fits what they need. 

A change would likely benefit Thompson too. He wants to play significant playoff minutes and contend for another title, something that is no longer possible in Dallas soon, as the Mavs are actively reshaping their entire system around Cooper Flagg. 

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• Klay Thompson’s ‘only goal’ fuels fresh Mavericks exit talk amid buyout speculation
• Klay Thompson’s future with Mavericks revealed after direct talks with president Masai Ujiri
• Heat’s Klay Thompson patience backfires as key free agent target accepts multi-million rival offer