Per Ira Winderman of the South Florida Sun-Sentinel, Wade's jersey retirement is expected to be a "more reserved ceremony" since the Heat are also planning a celebration for the franchise icon during their off day Feb. 21.
There was never a question of whether the Heat would immortalize Wade by retiring his jersey. Flash played 948 of his 1,054 career games in Miami after being selected No. 5 overall in the 2003 NBA draft.
His arrival transformed the Heat into one of the NBA's premier organizations. He led them to a 17-win improvement in his rookie season (25-57 to 42-40) and was named MVP of the 2006 Finals when the franchise won its first championship.
In the summer of 2010, the additions of LeBron James and Chris Bosh as free agents turned the Heat into a juggernaut during their four years alongside Wade. The franchise made it to the NBA Finals every year with that trio, winning in 2011-12 and 2012-13.
Wade is the Heat's all-time leader in most major categories, including games played, field goals made (7,842), points (21,556), assists (5,310) and win shares (116.1).
Wade will be the fifth player in Heat history to have his number retired. Bosh (No. 1), Tim Hardaway (No. 10), Shaquille O'Neal (No. 32) and Alonzo Mourning (No. 33) have previously received the honor.