The Miami Heat are no longer pursuing Jimmy Butler - at least for the time being.

Per multiple sources, team president Pat Riley addressed the Heat squad over the trade talks this week and confirmed he's "pulling the plug."

The Heat, a preferred landing spot for the wantaway Minnesota Timberwolves shooting guard, were apparently quite close to sealing a deal for the player before the start of the season. But talks broke down at the final hurdle, with T-Wolves head coach Tom Thibodeau upping his demands late on.

PREVIOUSLY: TOM THIBODEAU'S JOB IS SAFE AS TIMBERWOLVES TRY TO TRADE JIMMY BUTLER

The Heat were also the only team involved in talks with Minnesota over Butler. And, now that they've pulled out, the Western Conference side find themselves in a perilous position as they could lose the player for nothing if they can't secure a trade ahead of his free agency.

The swingman's trade value is likely to plummet if he remains in Minnesota much longer.

Jorge Sedano of ESPN had previously revealed details of the trade talks between the two sides.

"There's been a couple of different incarnations of this deal. The first one, the Heat didn't want to take back Gorgui Dieng. Then, the next incarnation of the deal was 'OK forget it, let's just do it straight up, just for Jimmy on your end'," Sedano said.

"They finally relented on Josh Richardson. They were giving them Josh Richardson, then Dion Waiters was going to be the cap filler and then a protected first-round pick.

"The medicals were exchanged, which generally in the NBA means this is a done deal. And then, Thibs called back and wanted more picks. And Pat Riley literally -- I was told - called him a motherbleeper and hung up the phone."

Riley has since denied the last part, insisting he has the utmost respect for Thibodeau and would never use such a term in reference to the Timberwolves' head coach and president. However, any chance of a deal seems to have gone down the drain.

Miami, the only team to start this season with back-to-back games, are now 1-1 after bouncing back from their opening loss to the Orlando Magic with a tight win over the Washington Wizards on Thursday night.

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