Haslem is the third of four team members who opted out of their contracts at the end of the National Basketball Association season and then chose to re-sign with the Heat. The only one who didn't re-sign was superstar LeBron James who decided to bolt for his hometown team the Cleveland Cavaliers.
The deal means the 34-year-old Haslem will be back for his 12th season with Miami. He has spent his entire career with the Heat.
Terms of Friday's agreement were not disclosed, though the South Florida Sun- Sentinel reported the deal to be for $5.6 million and two years.
The Miami native has been a part of all three of the Heat's NBA champion teams and ranks second only to Wade in club history in games played (715).
Haslem played in just 46 regular-season games in 2013-14, averaging 3.8 points and 3.8 rebounds.
He has averaged 8.6 points and 7.5 rebounds over 715 career regular-season games.