Chris Bosh's time with the Miami Heat looks to be over.

The Miami Herald's Barry Jackson reports that the 11-time All-Star has told family members that an agreement has been reached to terminate his contract with the Heat.

The deal - signed off on by the team, Bosh, the league and the players' union - would give the Heat maximum cap relief before free agency opens and allow Bosh to sign with another club if he chooses.

Both the union and the league denied such an agreement was in place when contacted on May 5, but an NBA source tells Jackson that a verbal deal has been agreed upon and will be announced in the coming weeks. The Heat and the union declined to comment on the story on Tuesday.

If the deal were to go through, it would clear Bosh's remaining $52 million owed from the cap, including $25.3 million this year. Bosh would still receive all money owed with a large portion covered by insurance.

With Bosh off of the books, the Heat would now have $36 million in cap room this summer.

Jackson describes the parting of ways as "amicable."

Bosh, 33, has missed the last season and a half with multiple blood clots. The native of Dallas has been adamant that he will play again.

In six seasons with the Heat, Bosh won two NBA Titles.

Selected fourth overall in the 2003 NBA Draft out of Georgia Tech, Bosh spent the first seven seasons of his career with the Toronto Raptors.