LeBron James has announced he will be opting out of his contract with the Miami Heat to be a free agent this summer.
James’ agent, Rich Paul, informed the Heat of the decision to exercise termination option of the remaining two years of his contract, becoming a free agent as of July 1.
James could return to Miami with a new deal, but the move has also fueled a wave of speculation of where the star forward will play next. Opting out does not suggest LeBron James will actually leave the Heat; it only allows him to explore other opportunities.
Miami Heat president Pat Riley will now be under pressure to regain James’ services again as he did in 2010. LeBron James’ contract would have earned him $20.5 million next season if it continues through 2016, with the player option of $22.1 million.