Miami Heat star forward Jimmy Butler is reportedly set to turn down a contract extension should the organization offer it. Per Anthony Chiang of the Miami Herald, Butler plans to opt out of his current contract and become a free agent next summer.

Butler is in the second year of a three-year, $146.3 million contract and will be paid $48.7 million this season. He then has a player option for next season worth $52.4 million.

Butler is eligible for a two-year, $113 million extension and has until June 30 to sign if it is offered.

Chiang shared that opting out would generate more money for Butler. The 35-year-old forward would be eligible to sign a four-year max contract projected to be worth around $243 million if he re-signs to Miami. If he decides to leave and sign with another team, he would also be allowed to negotiate a maximum three-year, $171 million contract.

When asked about the future of Butler and the team last week, Heat president Pat Riley shared his thoughts.

“He’s going to have the ability to opt and we’re going to have the ability to extend,” Riley said. “So I’m trying to get all that thinking out of our heads because it’s living in the present moment and playing basketball. So if there’s something that’s going to drag me down or him down because of that, then we’re not going to perform at a certain level. But I think he’s embraced exactly where he’s at, I think he understands where we’re at.”

Jimmy Butler’s agent calls offseason rumors ‘disrespectful’

During the offseason, Riley shared some comments about Jimmy Butler, saying an extension would depend on his availability. This sparked rumors about Butler’s future with the team.

Butler’s agent, Bernie Lee, addressed the issue regarding him, Riley, and the Heat organization.

“The gift about sports is to a large extent things are absolutes and there is no need to live in hypotheticals,” Lee said. … “Jimmy went away this summer and prepared himself for the task at hand, I think we all see that. Speculating on what’s next is irrelevant and disrespectful to the moment and this group.”

Butler averaged 20.8 points for the Heat last season, his lowest scoring total since 2019-20, his first season in Miami. He has averaged just 58 regular-season games over his five years with the Heat.