Bosh is under contract for another two seasons and $52 million, but he missed the entire 2016-17 season due to blood clot issues.
While the two sides and the players association have approved the deal, it has not yet been finalized with agents and lawyers reviewing all details.
Bosh failed a preseason physical after seeing his previous two seasons cut short due to the same medical issue.
While the various parties have been negotiating a peaceful resolution, Ira Winderman of the Sun-Sentinel noted the problem comes from different rulings between the old and new collective bargaining agreements. The new CBA takes the player's salary off the team's books if it's determined it's not safe for Bosh to continue playing.
The 33-year-old isn't ready to commit to retiring, however.
When Larry King asked him in April on Larry King Now if he could play again, Bosh responded, "Yeah, I think so."
"At heart, I'm still an athlete, and that is not how I want it to end," Bosh said, via Anthony Chiang of the Palm Beach Post.
In any case, it appears the Heat are ready to move on after Bosh's seven years with the organization.