2:11pm: The Heat have officially confirmed the move in a press release, with Riley calling the decision "very difficult" and adding that Miller will be "sorely missed."
1:48pm: Mike Miller's agent was informed by the Heat last night that the team will use the amnesty clause to release Miller, according to Joseph Goodman of the Miami Herald (via Twitter). Heat president Pat Riley told reporters last week that the team was leaning toward not using its amnesty provision this year, but left the door open to the possibility.
Miller was set to earn $6.2MM in 2013/14 and had a $6.6MM player option for '14/15. The Heat will still pay him those two years of salary, or perhaps a slightly smaller amount if Miller ends up signing with another team. According to Brian Windhorst of ESPN.com (via Twitter), the veteran's reps are reaching out to gauge interest from other clubs.
The Heat won't create any additional cap flexibility this season to add another player by amnestying Miller, but will significantly reduce their tax bill. The exact amount won't be finalized until the end of the season, but like the Lakers with Metta World Peace, the Heat should easily save $10MM+ by removing Miller from their books.
Although Miller had some big moments in the postseason over the last couple years, injuries have limited his production since he signed a five-year deal with the Heat in the summer of 2010. During his three seasons with the team, he has averaged 5.4 PPG and shot 41.2% on three-pointers in 139 regular-season contests.
The Heat had five other amnesty-eligible players besides Miller, all of whom would have still been eligible next summer. Assuming the Miller move becomes official later today, LeBron James, Chris Bosh, Dwyane Wade, Udonis Haslem, and Joel Anthony will no longer be amnesty-eligible.