MIAMI -

Dwyane Wade and Chris Bosh have opted out of their Miami Heat contacts.

The Wade report is according to a report by the Associated Press.

The Bosh report is by ESPN and several sources.

Wade and Bosh can now rework their deals and resign with the Heat.

By doing so, they could free up money to sign additional players.

Wade and Bosh could also sign with other teams once free agency begins.

LeBron James has already opted out of his Heat contract.

Pat Riley released the following statement Saturday:

"Today we were notified of Dwyane's intention to opt-out of his contract and Udonis' intention to not opt into his contract, making both players free agents. Dwyane has been the cornerstone of our organization for over a decade, and we hope he remains a part of the Heat family for life.

"Udonis has been the heartbeat of this team for 11 years. He has sacrificed countless times to make this organization successful, and he is the epitome of what this organization stands for.

"We look forward to meeting with Dwyane and Udonis and their agent in the coming days to discuss our future together."