Klay Thompson is officially heading to South Beach.

The five-time NBA All-Star has signed a two-year, $11.5 million contract with the Miami Heat after clearing waivers following a buyout with the Dallas Mavericks. The second year of the deal includes a player option.

The move gives Miami another elite perimeter shooter as the franchise reshapes its roster around newly acquired superstar Giannis Antetokounmpo and All-Star big man Bam Adebayo. The Heat have made shooting a major priority, and Thompson’s career 40.9% mark from three-point range gives them a proven threat from beyond the arc.

Thompson, 36, spent the previous two seasons with the Mavericks after leaving the Golden State Warriors in 2024. His time in Dallas was inconsistent, with Thompson averaging 11.7 points per game while shooting 38.3% from three during the 2025-26 season.

Despite the decline in his overall production, Thompson remains one of the NBA’s most respected catch-and-shoot players. His ability to stretch the floor could be particularly valuable alongside Antetokounmpo, whose offensive game can create open looks for shooters when defenses collapse into the paint.

Miami is also betting on Thompson’s experience. He is a four-time NBA champion with the Warriors and remains one of the league’s all-time great three-point shooters. Thompson currently ranks fourth in NBA history in made three-pointers, with 2,899 entering his Miami chapter.

Thompson’s move to Miami comes after the Mavericks agreed to buy out the final year of his contract. Dallas had originally signed the veteran guard in the summer of 2024, but the partnership never developed into the championship run many expected. Thompson subsequently cleared waivers before finalizing his deal with the Heat.

Now, Thompson gets another opportunity to compete for a title alongside one of the NBA’s biggest stars.

The Heat acquired Antetokounmpo during the offseason and have continued adding veteran talent to build a more competitive roster. Thompson’s shooting, championship pedigree and ability to play without dominating the ball could make him an important piece of Miami’s plans.

For Thompson, the move also marks a fresh start after two turbulent seasons in Dallas. For Miami, it represents a relatively low-cost gamble on one of the most accomplished shooters of his generation.