AP source: LeBron will become free agent

Miami Heat's LeBron James gestures as he answers a question during a news conference in Miami, Tuesday, June 17, 2014. James says he's going on vacation with his family before making any decisions about his future. The Miami Heat held their season-wrap up team meeting on Tuesday afternoon and one of the biggest questions is about the future of the roster. James could become a free agent in a couple of weeks and the four-time MVP says he still has not thought about his plans.(AP Photo/Alan Diaz)
Miami Heat's LeBron James gestures as he answers a question during a news conference in Miami, Tuesday, June 17, 2014. James says he's going on vacation with his family before making any decisions about his future. The Miami Heat held their season-wrap up team meeting on Tuesday afternoon and one of the biggest questions is about the future of the roster. James could become a free agent in a couple of weeks and the four-time MVP says he still has not thought about his plans.(AP Photo/Alan Diaz)

MIAMI (AP) — A person familiar with the situation tells The Associated Press that LeBron James has decided to opt out of the final two years of his contract with the Miami Heat and become a free agent on July 1.

Opting out does not mean James has decided to leave the Heat, said the person, who spoke on condition of anonymity because neither the four-time NBA MVP nor the team had made any public announcement.

James had two years and about $42.7 million remaining on his deal with the Heat. In his four seasons in Miami, the Heat have gone to the NBA Finals four times, winning two championships.

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