Sources with knowledge of the situation indeed saying LeBron will join Wade and Bosh in Miami, barring a late change of heart

Moments ago Newsday’s Knicks beat writer Alan Hahn reported that LeBron James has decided to sign with the Miami Heat. Such a move would create a new “Big 3,” featuring James, along with Dwyane Wade and Chris Bosh who both committed to sign with the Heat earlier on Wednesday.

Hahn on twitter:

Multiple sources are telling Newsday that LeBron James has decided to join Dwyane Wade and Chris Bosh in Miami. The new Big Three is here.

This news might be related to the NBA releasing its salary cap information for next season, where it has estimated the cap to be set at $58 million, nearly $2 million more than most experts were expecting. This increase should allow the Heat to offer maximum (or very close) contracts to James, Wade, and Bosh without any of them sacrificing much money, if any. New estimates give the Heat around $49-$50 million of cap space, so it is possible that Miami will be able to assemble its “Big 3″ without trading Michael Beasley as once previously thought.

NBA News and Rumors has learned that Miami based sources are the ones confident LeBron is coming to the Heat. None of our sources have confirmed the report. We can say that Alan Hahn is a fantastic reporter and has a good track record, though.

Allen was thought to be a major piece in the LeBron/Wade sweepstakes as both guys have lacked a sharpshooter at their side during their careers and having him on the wing with all of the drive and kicks they produce would be extremely beneficial.