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NBA free agency: LeBron James opts out of contract with Miami Heat, becomes a free agent

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LeBron James is a free agent.

USA TODAY Sports

LeBron James and his agent have informed the Miami Heat that he will exercise his Early Termination Option and opt out of his current deal in order to become a free agent, ESPN's Chris Broussard reports. The deadline for LeBron to make a decision on this option was June 30th, but he has already decided that he wants to get a new contract and weigh his options.

The fact that LeBron is now a free agent does not mean that he will be leaving the Heat. He can still sign a new deal with the Heat and stay with Chris Bosh and Dwyane Wade. But regardless of where he wants to go, it makes plenty of sense for LeBron to opt out and get himself more guaranteed money.

Obviously, this is interesting to the Cleveland Cavaliers because they will have plenty of cap space this offseason. There have been rumors that LeBron might be interested in making a return to Northeast Ohio. It's possible that the prospect of joining up with Kyrie Irving and the first overall pick in the draft is quite appealing to LeBron. Of course, that remains a long shot. But since LeBron James has opted out of his contract with the Heat, it's at least a possibility.