Waiters, 25, turned down a player option worth a little more than $ 3.2 million to test free agency.
Last season, his first in Miami, Waiters averaged 15.8 points, the second-best mark of his career. He also posted career highs in assists (4.3) and rebounds (3.3) per game, as well as 3-point percentage (.395).
Oklahoma City gave him a $ 6.8 million qualifying offer in the summer of 2016, but rescinded it later in July after losing Kevin Durant to the Golden State Warriors, giving Waiters the opportunity to sign elsewhere.
He eventually agreed to a $ 2.9 million deal with the Heat with a player option for 2017-18.
Information from ESPN’s Ian Begley was used in this report.