Tony Dejak/AP
According to ESPN's Adrian Wojnarowski, Wade is "nearing a commitment" with the Cleveland Cavaliers for this season.
Wade was bought out by the Chicago Bulls and reportedly weighed offers from the Oklahoma City Thunder, San Antonio Spurs, and Miami Heat.
On Monday, James was asked about the possibility of Wade joining the team and said he would "love" to have him but the decision was not up to him.
James and Wade won two championships together with the Heat before James returned to the Cavaliers in 2014. Wade left the Heat in 2016 and averaged 18 points, four rebounds, and four assists per game with the Bulls last season.
As far as late-September, early training-camp signings go, Wade is about as good as it gets. At 36, he's still a crafty scorer and playmaker with the ability to take over games for stretches.
However, there are questions about how he'll fit on this Cavs team. With Isaiah Thomas expected to be out until January with a hip injury, Derrick Rose will presumably fill the starting point guard spot. If the Cavaliers wanted to start Wade at shooting guard, spacing may be at a minimum as neither Rose nor Wade are efficient floor-spacers, thus clogging drivings lanes for each other and James. Likewise, at 36, Wade isn't the defender he once was, leaving James surrounded by three subpar defenders alongside Rose and Kevin Love. Wade may be better suited in the sixth man role, but it's unclear if he'd accept such a role.
If the deal goes through as expected, it seems the Cavaliers are sticking with the game plan they've had over the last few seasons - acquire talent and figure the rest out later.