12:28pm: Spoelstra has signed the extension, a source tells Ira Winderman of the Sun Sentinel (Twitter link).
9:00am: The Heat are close to ensuring coach Erik Spoelstra doesn't hit the open market next summer, as they're putting the finishing touches on a multiyear contract extension for the two-time champion bench boss, reports Adrian Wojnarowski of Yahoo! Sports. Officials from several franchises have suggested to Wojnarowski that they would make a run at the Creative Artists Agency client if he were to become a free agent, so it appears the Heat are averting a bidding war.
Spoelstra's deal had been set to expire at the end of the 2013/14, which will be his sixth as head coach of the Heat. He took over a team that went 15-67 in Pat Riley's final season on the bench and, helped by Dwyane Wade's recovery from injury, guided it to a 43-39 record and a playoff berth. The Heat have finished with a record of better than .500 every year since Spoelstra took over as coach for the team he originally joined as video coordinator in 1995.
The extension will likely be announced before the Heat begin training camp this week. It'll be the second major management-related move for the team in the past few days, after Andy Elisburg's promotion to GM yesterday. In addition, Juwan Howard is joining Spoelstra's staff as an assistant coach.