LeBron Opts To Be A Free Agent.

LeBron James' agent, Rich Paul, has informed the Miami Heat that James will exercise his early termination option and become an unrestricted free agent on July 1.

Grantland's Zach Lowe breaks down everywhere LeBron James could possibly land, as well as the Heat's remaining options. Story

Opting out does not mean that James has decided to leave the Heat, sources said.

James, a four-time NBA MVP, had until June 30 to decide whether to opt out of the final two years of his contract with the Heat. He was scheduled to make $20 million next season and had two years and about $42.7 million remaining on his deal.

After Miami's season-ending loss to the San Antonio Spurs in Game 5 of the NBA Finals, James told reporters he would take a vacation with his family before considering his contract options.

James did indicate that he welcomed the opportunity to become a free agent and have the same level of flexibility he was afforded in 2010, when he signed with Miami after spending his first seven years in Cleveland.

"Being able to have flexibility as a professional, anyone, that's what we all would like," James said last week. "That's in any sport, for a football player, a baseball player, a basketball player, to have flexibility and be able to control your future or your present. I have a position to be able to do that. ... There's a lot of times that you're not in control of your future as a professional."

ESPN NBA Insider Brian Windhorst covers LeBron James' choice to opt out of his contract, whether Carmelo Anthony and James will team up and the Instagram post by James' wife.

In his four seasons in Miami, the Heat have gone to the NBA Finals four times, winning two championships. James could join Shaquille O'Neal as the only players in NBA history to lead their team in total points scored in the NBA Finals and then play for a different team to start the following season, according to Elias Sports Bureau. O'Neal played for the 2003-04 Los Angeles Lakers, who lost to the Detroit Pistons in the NBA Finals, and then was traded to the Heat in the offseason.

If James leaves, he would also be leaving a historic opportunity on the table. Only one team in NBA history has appeared in at least five consecutive NBA Finals, the Boston Celtics, which reached 10 straight from 1957-66.

Source: http://espn.go.com/nba/truehoop/miamiheat/story/_/id/11127329/lebron-james-opt-contract-miami-heat