Report: LeBron opts out of contract with Heat

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Updated: 6/24 9:31 am

(SportsNetwork.com) - Get ready for a sequel to The Decision.

LeBron James' agent, Rich Paul, has informed the Miami Heat that the four-time NBA MVP will exercise his early termination option and become a free agent on July 1, ESPN and USA Today reported Tuesday.

James had until June 30 to decide whether to opt out of the final two years on his contract with the Heat. He was scheduled to earn $20 million next season.

The 29-year-old James signed with the Heat in 2010 after spending his first seven years in Cleveland, announcing the news on a television special that drew plenty of criticism.

Miami reached the NBA Finals in each of James' four years with the club, winning back-to-back titles in 2012 and 2013. The Heat were denied a three- peat by the San Antonio Spurs earlier this month.

James averaged 27.1 points, 6.9 rebounds and 6.4 assists in 77 games last season.

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