TUESDAY, 1:22pm: The move indeed took place, according to Eric Pincus of Basketball Insiders (Twitter link).
SUNDAY, 12:16pm: The Heat have informed Michael Beasley that they will not pick up his option for the 2015/16 season, according to Barry Jackson of the Miami Herald (Twitter link). Beasley would have made slightly less than $1.3MM had the team opted to pick up his option.
Miami indicated the the decision to draft Justise Winslow was a major factor in the decision to part ways with Beasley, Jackson adds in a full-length article. There was no discussion of Beasley returning to the Heat down the road, according to Jared Karnes, who represents Beasley and spoke to Jackson.
Starting small forward Luol Deng has a player option worth more than $10.15MM for the upcoming season and the team hopes he sticks around for at least one more season. Assuming Deng is on the roster next season, along with Chris Bosh, Josh McRoberts and Winslow, the team shouldn’t have a major need at either forward position. Beasley played minutes at both the three and the four spot while averaging 8.8 points, 3.7 rebounds per game while shooting 43.4% from the field during his third stint in Miami.