The team announced the deal Monday night. Wright reportedly will be paid $11 million over three years.
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.