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(Reuters) - The Miami Heat on Wednesday officially confirmed the re-signing of nine-time All-Star forward Chris Bosh, nearly three weeks after the move had been reported by multiple media outlets.
Terms of the deal were not disclosed by the team, though local media estimate the contract to be worth $118 million over five years.
Bosh had opted out of his previous deal to become a free agent but decided to stay in Miami after the departure of fellow free agent LeBron James, who returned to his home state of Ohio by signing with the Cleveland Cavaliers earlier this month.
"Chris Bosh is a two-time NBA champion and one of the most versatile big men in the league," Heat president Pat Riley said in a statement. "His unique skill set makes him one of the best players in the game today."
Bosh, 30, averaged 16.2 points and 6.6 rebounds for the Heat last season and, with James and Dwyane Wade, was a member of the team's so-called 'Big Three' who won two NBA titles together.
He initially appeared headed to the Houston Rockets, who had offered him four years and $88 million to join Dwight Howard and James Harden, before the Heat upped the ante after the exit by James and persuaded Bosh to remain in Miami.
Reporting by Mark Lamport-Stokes in Los Angeles; Editing by Frank Pingue