Report: Jimmy Butler Won't Sign Extension With Heat Before Hitting Free Agency

The Miami star is reportedly eyeing the open market next summer.

Heat forward Jimmy Butler drives to the hoop during a game against against the Philadelphia 76ers at Wells Fargo Center. / Bill Streicher-USA TODAY Sports

Miami Heat star Jimmy Butler reportedly plans to hit the open market next summer.

"He's going to play out his current contract with the Heat," Shams Charania reported on Stadium on Wednesday night. "I'm told he will not be signing an extension with the Heat or any other team ahead of his opt-out in 2025 free agency."

"I'm told (Jimmy Butler) will not be signing an extension with the Heat or any other team ahead of his opt-out in 2025 free agency."@ShamsCharania gave us some updates on Butler's future pic.twitter.com/5jAREMuhbw

— Stadium (@Stadium) June 26, 2024

Butler will be paid $48.8 million next season. He has a $52.4 million player option for the 2025-26 campaign that he reportedly plans to decline.

Charania noted this means Butler won't request a trade from the Heat this offseason. The 34-year-old star is determined to have a big year next season, decline his 2025-26 player option and look to sign a massive contract in 2025 free agency.

Butler is entering his sixth season with the Heat since he arrived via a four-team trade in July 2019. He led the Heat to the NBA Finals in 2020 and again in '23 but is still searching for his first NBA championship after falling short to the Los Angeles Lakers and Denver Nuggets.

In 60 games last season, Butler averaged 20.8 points, 5.3 rebounds and 5.0 assists per contest.