Dwayne Wade, who carried the Miami Heat to their first NBA championship, signed a three-year extension with a player option similar to the one agreed upon by the Cleveland Cavaliers superstar LeBron James.

The exact value of Wade's contract will not be known until the next salary cap is set in July 2007, but based on some cap projections, it could be worth in the US$63 million.

Last week a Florida newspaper reported that the 24-year-old agreeing on a maximum five-year contract that was to be worth around US$80 million.

James, who was also rumored to ink a five-year extension before the free-agent moratorium was lifted earlier Wednesday, agreed to a three-year contract extension with a player option worth about US$60 million on Wednesday.

By opting to take the shorter deal, Wade, who has been adamant about staying in Miami, could become a free agent following the 2009-10 season, allowing him the ability to sign a more lucrative deal.

Getting Wade, who was already under contract to make 3.84 million dollars next season in the final year of his rookie contract from 2003, to agree to any sort of an extension was the top off season priority for Heat coach and president Pat Riley.

(Xinhua News Agency July 13, 2006)