The 33-year-old former NBA All-Star guard played half a season with Shanxi Zhongyu last season in the CBA, and proved to be a star attraction for both the team and league.
Marbury averaged around 23 points and 10 assists per game in the CBA and was the MVP of the All-Star game.
His performances in the CBA may have attracted the attention of Miami - Marbury said the Heat contacted him through the NBA Player's Association - but a move back to the NBA now looks unlikely, according to comments made by the player to local media sources in China.
"I'll wait and see what'll happen," Marbury said.
"They (Miami) wanted a point guard. But I don't think a point guard would do much in the team as they've already had the three guys (Dwyane Wade, LeBron James and Chris Bosh).
"There is 90 percent chance that I'll play in CBA if I play overseas."
Marbury averaged 19.3 points and 7.6 assists per game during his 13 years in the NBA.