MIAMI, FL - MARCH 23: Josh Richardson #0 of the Miami Heat brings the ball up court during the game against the Toronto Raptors. Copyright 2017 NBAE (Photo by Issac Baldizon/NBAE via Getty Images)

Should the Miami Heat offer Josh Richardson a contract extension, or wait it out until next summer?

As of Thursday, Josh Richardson is eligible for a contract extension, and the Miami Heat are interested in offering him one, according to the Miami Herald’s Barry Jackson.

The Heat can offer a contract extension for up to four years and between $41 million and $44 million (depending on next season’s salary cap).

Richardson has until the start of the regular season to accept any offer made by the team, or can instead choose to become a restricted free agent after the season. Because they have Richardson’s Bird Rights, the Heat can go over the cap to re-sign him.

If Richardson were to sign an extension, he’d still be paid a $1.47 million salary, with the extension kicking in the following season. If he doesn’t, he’d be eligible to sign a more lucrative contract as a restricted free agent.

As Jackson writes, the Heat are expected to make an offer:

The Heat, as of Thursday afternoon, had not made an offer, but one is expected in the coming weeks, the league source said.

After leading the league in 3-point shooting during the second half of his rookie season, Richardson’s second year got off to a rocky start due to various injuries.

However, he got healthy for the final stretch and started in place of an injured Dion Waiters. He averaged 13.6 points on 47.6 percent shooting over the final eight games of the season.

The Heat may not be inclined to offer the maximum extension. A deal worth $10 million a year, though, could be enticing enough for Richardson to take now, even if he could make more after the season. That’s the price for premium NBA backups or fringe starters, which Richardson has the potential to be these next couple of years.

It’s unclear, however, where Richardson fits in to this current group. With the starting backcourt locked in (Dragic and Waiters), and Tyler Johnson having received a four-year deal last year, the Heat have to decide if they can afford to further invest in its backcourt. Richardson could play some small-ball small forward, which could be a way to play him more minutes. He should be in the mix for the starting 3 spot.

If Richardson believes he can build on that and make a substantial leap in his third season, it may be worth gambling on himself and trying for a more lucrative contract after the upcoming season. The Heat, likewise, may be better off locking him now on a deal that could end up being a bargain.