The team announced the deal Monday night. Wright's agent, Bob Myers, told ESPN The Magazine's Ric Bucher that Wright's deal was for $11.5 million.
The 24-year-old Wright appeared in a career-high 72 games last season for the Miami Heat. He averaged 7.1 points and 3.3 rebounds per game.
Wright was drafted 19th overall out of high school by Miami in 2004. He spent six seasons with the Heat and was a member of the NBA championship team in 2006. He has averaged 6.3 points and 3.7 rebounds in 211 career games.
Information from The Associated Press was used in this report.