Heat star Wade to miss 2012 Olympics
Wade will need surgery after playing with his bad left knee during the Heat's NBA championship run.
"As many people may know, throughout the season, I struggled with a recurring knee issue," said Wade.
"After the championship game, I visited with my doctors for a round of comprehensive medical tests, and the recent results dictate the need for surgery."
Wade averaged 22.6 points per game as Miami won the NBA title by beating Oklahoma City in five games.
Wade was the top scorer on the team that won Olympic gold in Beijing four years ago. He also played for the Americans that won bronze in Athens in 2004.
"D-Wade has a lot of equity with USA Basketball and has made great contributions to our program. We're sorry he won't be with us this summer, but we know he'll be with us in spirit," said USA basketball chairman Jerry Colangelo.
Wade's departure leaves 17 players in the mix for a dozen spots on the US team.
The US team is already missing several NBA stars including Derrick Rose, LaMarcus Aldridge, Dwight Howard, and Chauncey Billups, who are all out with injuries.
Training camp begins in Las Vegas next week. The team will play five exhibitions with international teams before taking on France on July 29 in their first Olympic encounter.
Doctors told Wade that delaying surgery would jeopardize his chances of being healthy for the start of next season.