LeBron James To Opt Out Of Contract With Miami Heat, Become Free Agent, Report Says

LeBron James will opt out of his contract with the Miami Heat and become an unrestricted free agent on July 1, according to a report.

Rich Paul, James’ agent, told ESPN’s Chris Broussard that James will “exercise [his] early termination option.” James would have earned $20.5 million with the Heat in the 2014-2015 season.

Despite his decision, James can still choose to return to the Heat under a new contract. A source told the Associated Press that the four-time NBA MVP hasn’t ruled out a return to Miami next season.

Dwyane Wade and Chris Bosh, the other two components of Miami’s “Big Three,” also can opt out of their contracts this season. The trio enjoyed a successful stint in Miami. In four seasons together, the Heat reached the NBA Finals every year, winning a pair of titles.

In the past, James has said that he’d welcome the flexibility afforded by free agency, ESPN reports. He was last a free agent in 2010, when he left the Cleveland Cavaliers to sign with the Heat.

James has yet to indicate where he’d prefer to play next season. At a June 19 press conference, Heat President Pat Riley, who engineered James’ arrival in Miami, called on the “Big Three” to re-sign and build a dynasty.

“This stuff is hard. And you got to stay together, if you’ve got the guts. And you don’t find the first door and run out of it,” he said.