The Milwaukee Bucks have waived Caron Butler after agreeing a deal to buy out the remainder of his contract with the team.

The forward will be free to join another team for the remainder of the season, with the Miami Heat reportedly interested in the 33-year-old.

Butler said in a statement: "It's been a dream come true to wear the Milwaukee uniform, which so many of my idols growing up wore."

He has averaged 15.3 points per game with the Bucks this season.