Miami Heat Star LeBron James to Become a Free Agent

7:14 AM PST 06/24/2014 by THR Staff, the Associated Press
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LeBron James

The NBA star is planning to explore his options, which doesn't necessarily mean he's decided to leave the team, according to reports.

LeBron James is becoming a free agent.

The NBA star's agent, Rich Paul, has told the Miami Heat that LeBron plans to exercise his early termination option, according to ESPN. James will become an unrestricted free agent beginning on July 1.

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He had two years and $42.7 million left on his contract with the Heat. Opting out does not, however, mean the four-time NBA MVP has decided to leave the Heat, an unnamed source told the Associated Press.

In his four seasons with the Heat, Miami has gone to the NBA Finals four times, winning two championships.

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In this season's just-ended Finals, the team lost to the San Antonio Spurs in five games. After the series ended, James told reporters that he was planning to take a vacation and consider his options. He had a June 30 deadline.

News of James' decision comes a day after the New York Knicks' Carmelo Anthony revealed that he'd decided to terminate the final year of his contract. Anthony, who had a Monday deadline, also will be able to negotiate with teams starting on July 1.

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