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LeBron James To Opt Out Of Heat Contract, Become Free Agent

Tony ManfredJun 24, 2014, 19:09 IST

Andy Lyons/Getty Images

LeBron James will exercise the early termination option in his contract with the Miami Heat, becoming an unrestricted free agent, his agent told ESPN's Chris Broussard.

It doesn't necessarily mean that he's leaving Miami.

By opting out, he can sign a new five-year maximum contract. If he left Miami, he could only get a four-year deal with a slightly lower annual salary. It'd cost him $30 million.

But if he were to leave Miami, this would be the first step. Chris Bosh and Dwyane Wade also have early termination options, and could opt out.

Free agency begins July 1.