The Miami Heat’s pursuit of Klay Thompson apparently runs much deeper than casual interest.
NBA insider Marc Stein, appearing on the DLLS Mavs podcast Monday, described Miami’s desire to land the five-time All-Star in unusually strong terms while explaining why Thompson’s uncertain future with the Dallas Mavericks remains one of the NBA offseason’s unresolved storylines.
“Really, all we know is Miami is desperate for Klay Thompson,” Stein said. “But they want to sign him as a free agent.”
That last sentence might be the most important part.
Miami already emptied a significant portion of its asset chest to acquire Giannis Antetokounmpo from the Milwaukee Bucks this offseason. Now, the Heat would prefer to add Thompson without sacrificing more of what remains.
Dallas isn’t ready to make that easy.
“To this point, the Mavs’ position has not changed,” Stein said. “They would prefer to trade him rather than buy him out.”
Heat’s Giannis Trade Complicates Klay Thompson Deal
Getty Miami Heat President Pat Riley (L) and head coach Erik Spoelstra (R) pose for a photo with Giannis Antetokounmpo of the Miami Heat during an introductory press conference at Kaseya Center on July 16, 2026 in Miami, Florida.
Stein confirmed his earlier report in The Stein Line that Thompson and new Mavericks president Masai Ujiri have held discussions at various points this offseason. But two months after Dallas’ preference to trade Thompson first surfaced, no deal has materialized.
Miami’s problem is that its blockbuster acquisition of Antetokounmpo dramatically altered what it can put on the table.
The Heat sent Milwaukee multiple players and significant draft capital in the deal. Their current draft ledger has their 2031 and 2033 first-round picks going to Milwaukee, while their protected 2027 first is owed to Charlotte and can roll into 2028.
That matters because of the NBA’s Stepien Rule, which prevents teams from leaving themselves without first-round picks in consecutive future drafts.
In other words, Miami still owns future first-rounders, including 2029 and 2032, but doesn’t have a clean first-round pick it can simply attach to Nikola Jovic in a straightforward Thompson trade under its current obligations.
That provides important context for why Miami would much rather wait for Thompson to become a free agent.
Stein wasn’t enamored with the hypothetical cost of trading for him, either.
“I would not do that with a first,” Stein said while discussing a potential Jovic-and-first package.
Marc Stein Says Heat ‘Really Need’ Klay Thompson
Getty The Miami Heat are “desperate” to add Klay Thompson to their Giannis Antetokounmpo-Bam Adebayo core.
Miami’s urgency isn’t difficult to understand after missing out on Bradley Beal.
“The Heat have like no money to fill multiple roster spots,” Stein said. “They really need Klay Thompson.”
The Heat are holding onto roughly $7 million of it to preserve flexibility to pursue Thompson if he becomes a free agent and a veteran minimum signing to fill out their roster.
Thompson would provide badly needed shooting around Antetokounmpo and Bam Adebayo. Even at 36, his gravity beyond the arc could be particularly valuable for an offense built around two stars who do much of their damage inside.
But Miami isn’t necessarily in control of what happens next.
Dallas currently has 16 players on standard contracts, Stein noted, and eventually must trim that number to 15. The Mavericks also have an unusually crowded wing rotation.
“Somehow this is going to resolve itself,” Stein said. “But we all want that answer today and we don’t have it today.”
The Mavericks still have time to find a trade partner. And Stein said teams around the league don’t necessarily believe Dallas’ resistance to a buyout is irreversible. Recent reporting likewise continues to characterize Miami as waiting for the free-agent route rather than paying Dallas’ trade price.
That’s the gamble for Miami.
The Heat clearly want Thompson. After the Antetokounmpo blockbuster, however, they have even more reason to avoid spending another premium asset to get him.
Dallas wants a trade.
Miami wants patience to turn Thompson into a free agent.
And for a Heat team Stein described as “desperate,” waiting may be its most realistic play.
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