The Jump crew look at the ins and outs of the contract talks between Dwyane Wade and the Heat. (2:06)

Dwyane Wade's representatives have told teams that the All-Star shooting guard is seeking a deal worth around $50 million over two years, currently leaving the salary cap-strapped Miami Heat short, sources told ESPN.com.

The Denver Nuggets and Chicago Bulls, in addition to the Heat, continue to be in talks with Wade, but Denver and Chicago both have more cap space than Miami.

The Nuggets have offered Wade a two-year deal north of $50 million, league sources told ESPN's Marc Stein, with Denver still holding out hope that he accepts it. Wade will meet with the Nuggets on Wednesday, ESPN confirmed.

The Heat recently raised their offer to two years and approximately $40 million.

ESPN confirmed a report by the Milwaukee Journal Sentinel that Wade will meet Wednesday with the ownership of the Milwaukee Bucks, who are in a position to clear only about $17 million in cap space.

Though there have been rumors that Wade is talking to the Cleveland Cavaliers, there is no traction between the parties, sources said.

Wade and Cavaliers free agent LeBron James were very publicly vacationing together last week, but sources told ESPN's Ramona Shelburne that James is not actively recruiting him to play in Cleveland.

James, sources told Shelburne, is not willing to take less than the maximum contract he can sign with the Cavs, who are so far above the luxury-tax threshold that they could offer Wade only their $3.5 million midlevel exception. Being over the luxury tax threshold also means the Cavs couldn't do a sign-and-trade for Wade.

Wade, who was upset with the Heat's prioritizing free agents Hassan Whiteside and Kevin Durant, has pushed the Heat to increase their $20 million-per-season offer, sources said.

Miami could create more cap space by trading one of its current players, with forward Josh McRoberts being an option.

Wade is from Chicago, and he considered the Bulls in free agency in 2010. The Nuggets have been recruiting Wade since July 1 and also have had talks with Heat free agent and friend of Wade Udonis Haslem. Haslem nearly joined the Nuggets in 2010 before re-signing with the Heat.