The Wizards have told Beal that they won't trade him, but Miami "loves" the guard and could attempt to figure out other options, including taking on John Wall's contract.
The Heat have already made a big splash in free agency, adding Jimmy Butler on a four-year, $142 million max deal via a sign-and-trade with the Philadelphia 76ers, per Shams Charania of Stadium and The Athletic.
Adding Beal would turn the Heat into a legitimate contender in the Eastern Conference, but they're already dealing with salary-cap complications. They're attempting to find a third team to facilitate the Butler sign-and-trade, according to Ramona Shelburne of ESPN.
The Heat cleared some cap room by sending Hassan Whiteside to the Portland Trail Blazers in exchange for Mo Harkless and Meyers Leonard, per Adrian Wojnarowski of ESPN, but they still must make additional moves for the Butler sign-and-trade to go through.
For now, the Heat can keep the dream alive of once again pairing together multiple All-Stars in South Beach.
Beal is coming off the best season of his career, averaging 25.6 points, 5.5 assists and 5.0 rebounds per game, all of which were personal highs. He showed he can thrive without Wall, although the Wizards struggled as a team without another star.
Pairing him with Butler, who remains one of the top two-way players in the NBA, could make the Heat more formidable than they have been since LeBron James, Dwyane Wade and Chris Bosh were playing together.
However, Washington appears determined to keep its 26-year-old guard and build around him going forward.