Wade, who opted out of his contract last month just as James did, sent a Twitter message ending any speculation he might leave the Heat as James did when he returned to the Cleveland Cavaliers.
"Home Is Where The Heart Is... My Home,My City,My House.. hashtag HeatLifer," Wade tweeted.
Filling the small forward spot vacated by four-time NBA Most Valuable Player James will be Britain's Luol Deng, the long-time Chicago Bulls playmaker who was traded to Cleveland in January and who became a free agent earlier this month.
Wade struggled with knee injuries last season but averaged 19 points, 4.7 assists and 4.5 rebounds over 54 games, connecting on 55 percent of his shots, a career-best accuracy rate.
By opting out of his prior contract, Wade will likely earn less money next season but also is likely to ensure greater salary in future years.
The Heat have reached the NBA Finals for the past four seasons since James joined the club in 2010, losing the 2011 and 2014 finals while winning crowns in 2012 and 2013.
Wade also joined retired star big man Shaquille O'Neal in winning an NBA title with the Heat in 2006.