5:38pm: CBS Sports' Matt Moore believes the Heat are in the unique position where they can gamble on Beasley despite his on- and off-court issues, just like they have with Greg Oden despite his injury history.
Meanwhile, HoopsWorld's Steve Kyler is surprised at the reported interest from the Heat after what the Team said following his trade to the Timberwloves to free up "Big Three" cap space in 2010 (Twitter). But fellow HoopsWorld scribe Alex Kennedy reminded Kyler about the three beat reporters who have denied the initial report from Woj (Twitter).
Kyler also tweets that Beasley could work out if the Heat veterans are on board with the deal, and he buys into his role with the team since he still possesses the talent that made him the No. 2 pick in 2008.
3:43pm: The Heat are engaging in "due diligence" on Beasley, but they haven't talked to him yet, tweets Chris Mannix of SI.com.
3:09pm: A source tells Joseph Goodman of the Miami Herald that there's no chance the Heat would sign Beasley, and a Heat insider tells Ira Winderman of the South Florida Sun Sentinel that there's no truth to Wojnarowski's report (Twitter links)
3:04pm: The Heat are considering bringing back Michael Beasley, their former No. 2 overall pick whom the Suns bought out this week, as Adrian Wojnarowski of Yahoo! Sports reports. Several of the team's top players support the idea, and Beasley has interest in rejoining his original NBA team, according to Wojnarowski.
Beasley was never better than when he was with the Heat, as Ira Winderman of the South Florida Sun-Sentinel pointed out today, but it's been a steady drop-off since then, with his PER declining in each of the four seasons since his rookie year. Beasley's arrest in August on a charge of marijuana possession is the latest chapter in his extensive history with the drug, and the Suns cited the need for a culture of professionalism when they let him go. Still, Phoenix is just a year removed from signing him to a three-year, $18MM contract, so it's clear that some within the league have been willing to overlook his faults.
Hoops Rumors readers are split on whether signing the 6'9" forward would be prudent for any team. The Heat have their $3.183MM taxpayer's mid-level exception available, but I'd be surprised if Beasley signed with them for more than the minimum, particularly considering the team's tax issues.
Spencer Lund contributed to this post.