AP source: LeBron will become free agent

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FILE - In this June 14, 2014 file photo, Miami Heat forward LeBron James responds to a question during a media availability for the NBA basketball finals in San Antonio. A person familiar with the situation tells The Associated Press that James has decided to opt out of the final two years of his contract with the 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. (AP Photo/Tony Gutierrez, File)

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.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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