Finals MVP LeBron James will not exercise his player option with the Cleveland Cavaliers for the 2016-17 season, according to his agent, Rich Paul.
James, who had to inform the Cavs of his decision by Wednesday at midnight, will become a free agent July 1 for the third straight summer. He was slated to earn $24 million next season.
Though he has opted out, James can re-sign with the Cavaliers and said last week he has no intentions of leaving Cleveland again.
"I love it here in Cleveland. I have no intentions of leaving," James told ESPN's Dave McMenamin during the Cavaliers' championship parade. "There are some technicalities to take care of I'll leave up to my agent. That's right from the horse's mouth."