On Tuesday, Andrew Marchand of the New York Post reported both networks are "preparing pitches" for Wade that would start with him joining their studio crews during the current playoffs.
The 37-year-old Chicago native completed his 16-year career earlier this month when the Heat failed to qualify for the postseason.
Although it's uncertain whether the three-time NBA champion would be interested in a full-time analyst job, he's worked for ESPN and ABC in a part-time role in the past, and TNT could offer an easy travel option from his Miami home to the network's Atlanta studios, per Marchand.
In early April, Wade said during an appearance on ESPN's The Jump (via Alexis Mansanarez of Sporting News) he wasn't sure what he'd do following the conclusion of his on-court career.
"I have no idea what it is I want to do yet," he said. "But I definitely know I want to do a little bit of everything. Especially in the beginning, I want to see what I can be great at. I'm so used to being great at something or trying to strive to be great at something. That's what I want to be at whatever else I choose to do. We'll see."
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Along with Wade's immense basketball IQ, his relationship with the game's current generation of superstars, including close friend LeBron James, would be invaluable to broadcasters.
Both networks could provide unique opportunities.
ESPN features more daily studio shows ranging from basketball-centric options like The Jump to debate-oriented programs like First Take. Meanwhile, TNT would open the door to covering the NCAA tournament as Inside The NBA analysts Charles Barkley and Kenny "The Jet" Smith already do.
Wade was a first-team All-American during the 2002-03 season at Marquette prior to his NBA career.
Editor's note: Bleacher Report and TNT share a parent company in Turner Broadcasting.