76ers add former Heat wing Caleb Martin

The Philadelphia 76ers signed wing Caleb Martin, the club announced Saturday.

The Sixers are giving the former Miami Heat wing a four-year contract worth at least $32 million, sources told ESPN's Adrian Wojnarowski.

Philadelphia waived forward Paul Reed as part of the transaction.

Martin, 28, leaves the Heat after increasing his scoring in each of his three seasons. He put up 10 points, 4.4 rebounds, and 2.2 assists last year.

The undrafted wing turned down a five-year, $65-million extension ahead of free agency, sources told Ira Winderman of the South Florida Sun Sentinel.

Martin broke out during Miami's 2023 run to the Finals. In the team's 23 postseason games, he averaged 12.7 points on 42% shooting from deep. He's a career 35.7% shooter from 3-point range.

The 76ers are in the midst of a massive retool after entering the offseason with three players on their roster. Along with superstar acquisition Paul George, Philadelphia has added veterans Eric Gordon and Andre Drummond. The club also re-signed key forward Kelly Oubre Jr.