" The Heat released Carlos Arroyo on Tuesday to make room for free agent point guard Mike Bibby, who is expected to sign with the team Wednesday afternoon.

Arroyo, a fan favorite from Puerto Rico and FIU, was not with the Heat after Tuesday's practice and coach Erik Spoelstra began his news conference by announcing Arroyo's departure. LeBron James said he hated to lose "a brother" and Dwyane Wade said Arroyo "did nothing wrong" to be let go.

Arroyo started 49 games this season before being benched in favor of Mario Chalmers, who has played inconsistently. Now it appears likely Chalmers will lose his starting job to Bibby, who was traded from the Atlanta Hawks to the Washington Wizards before the Feb. 24 trade deadline.

James said he was looking forward to having Bibby as a teammate.

"If Mike is coming here soon, which we all believe, he's going to help us out tremendously," James said. "I've had some conversations with him and always said it'd be good to have you as our point guard."

Bibby, 32, agreed to terms of a buyout Monday with the Wizards, giving up the $6.2 million he was set to earn next season in order to play for a contender, according to his agent, David Falk. The earliest he can sign with the Heat is 6 p.m. Wednesday after clearing the 48-hour waiver cycle.

"You've got to respect a guy who takes a buyout the way he took it with a whole year left on his deal," Wade said. "Not many guys do that, especially going into a lockout year."

Bibby, in his 13th season, is friends with James, is respected by Wade and is Eddie House's brother-in-law. At the height of his career in 2004-05, Bibby averaged 19.6 points and 6.8 assists. His numbers have steadily declined since then, but he is averaging 43.5 percent from three-point range this season and a career-low 1.5 turnovers a game."