Just one week after being waived by the defending champion Miami Heat due to the NBA's onerous luxury tax, forward Mike Miller has agreed to terms with the Memphis Grizzlies on Wednesday, according to an NBA source.

Miller had his most productive stretch of his career while playing with the Grizzlies from 2003 through 2008, despite appearing in the NBA Finals in three times during his short lived time with the Heat. Now that he's back in the Western Conference he'll only make one appearance at the American Airlines Arena this season, where it's expected that he'll be presented his NBA championship ring.

Miller, who has been a playoff hero for the Heat in their two championship runs, was plagued with numerous injuries. Since joining the Heat he underwent four surgeries to his thumbs, shoulder and to repair a sports hernia.

However, the 2012-13 season was by far the healthiest he has been, and he played in 59 games but averaged career lows in points (4.8) and minutes (15.3). He played in all seven games in the Finals, starting the last four, and averaged 5.3 points and shot a remarkable 61 percent on 3-pointers.

After being waived from the roster the Heat were able to save nearly $17 million in luxury taxes this season and will reduce their expected tax bill, which was projected to be $33 million.

By amnesty-release rule Miller is ineligible to return to the Heat by trade or any other means before the 2015 offseason when his amnestied Heat contract otherwise would have expired.

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