Lebron James to sign four-year, $154 million deal with Los Angeles Lakers

BOSTON, MA - MAY 27: LeBron James #23 of the Cleveland Cavaliers reacts in the second half against the Boston Celtics during Game Seven of the 2018 NBA Eastern Conference Finals at TD Garden on May 27, 2018 in Boston. (Maddie Meyer/Getty Images)

CLEVELAND, OH - JANUARY 4: LeBron James #23 of the Cleveland Cavaliers reacts to a foul call during the second half against the Chicago Bulls at Quicken Loans Arena on January 4, 2017 in Cleveland, Ohio. (Jason Miller/Getty Images)

WASHINGTON, DC - JANUARY 06: LeBron James #23 of the Cleveland Cavaliers looks on against the Washington Wizards at Verizon Center on January 6, 2016 in Washington, DC. (Patrick Smith/Getty Images)

LeBron James of the Cleveland Cavaliers celebrates with his sons LeBron Jr. and Bryce Maximus after defeating the Atlanta Hawks during Game Four of the Eastern Conference Finals at Quicken Loans Arena on May 26, 2015. (Gregory Shamus/Getty Images)

PHOENIX, AZ - JANUARY 13: LeBron James #23 of the Cleveland Cavaliers during the NBA game against the Phoenix Suns at US Airways Center on January 13, 2015 in Phoenix, Arizona. (Christian Petersen/Getty Images)

LeBron James #23 of the Cleveland Cavaliers wears an "I Can't Breathe" shirt during warmups before his game against the Brooklyn Nets during their game at the Barclays Center on December 8, 2014 in New York City.  (Al Bello/Getty Images)

MIAMI, FL - JANUARY 04: LeBron James #6 of the Miami Heat looks on during a game against the Chicago Bulls at AmericanAirlines Arena on January 4, 2013 in Miami, Florida. (Mike Ehrmann/Getty Images)

ATLANTA, GA - JANUARY 05: LeBron James #6 of the Miami Heat reacts from the bench after a teammate's three-point basket against the Atlanta Hawks at Philips Arena on January 5, 2012 in Atlanta, Georgia. (Kevin C. Cox/Getty Images)

MIAMI, FL - JUNE 21: LeBron James #6 of the Miami Heat celebrates his wife Savannah Brinson and family after they Heat won 121-106 against the Oklahoma City Thunder in Game Five of the 2012 NBA Finals on June 21, 2012. (Mike Ehrmann/Getty Images)

PORTLAND, OR - JANUARY 9: LeBron James #6 of the Miami Heat shoots the ball against Wesley Matthews #2 of the Portland Trail Blazers during a game on January 9, 2011 at the Rose Garden Arena in Portland, Oregon. (Tom Hauck/Getty Images)

DENVER - JANUARY 8: LeBron James #23 of the Cleveland Cavaliers goes to the basket against the Denver Nuggets on January 8, 2010 at the Pepsi Center in Denver, Colorado. (Garrett W. Ellwood/NBAE via Getty Images)

CLEVELAND - JANUARY 2: LeBron James #23 of the Cleveland Cavaliers stands on the court during the game against the Chicago Bulls on January 2, 2009 at Quicken Loans Arena in Cleveland, Ohio. (David Liam Kyle/NBAE via Getty Images)

ATLANTA - JANUARY 9: LeBron James #23 of the Cleveland Cavaliers looks on during a break in NBA game action against the Atlanta Hawks on January 9, 2008 at Philips Arena in Atlanta, Georgia. (Scott Cunningham/NBAE via Getty Images)

MILWAUKEE - JANUARY 5: LeBron James #23 of the Cleveland Cavaliers rebounds near Drew Gooden #90 during the game against the Milwaukee Bucks on January 5, 2007 at the Bradley Center in Milwaukee, Wisconsin. (Gary Dineen/NBAE via Getty Images)

LeBron James of the USA Basketball Mens Senior National Team shoots against Argentina during the FIBA World Basketball Championship on September 2, 2006 at the Saitama Super Arena in Saitama, Japan. (Garrett W. Ellwood/NBAE via Getty Images)

CLEVELAND - FEBRUARY 13: Kobe Bryant #8 of the Los Angeles Lakers and LeBron James #23 of the Cleveland Cavaliers watch the action during the game at the Gund Arena on February 13, 2005 in Cleveland, Ohio. (John Grieshop/NBAE via Getty Images)

NEW YORK - JUNE 26: LeBron James of the Cleveland Cavaliers poses with his jersey during the 2003/2004 NBA Draft Portrait at Paramount Theatre Madison Square Garden on June 26, 2003 in New York, New York. (Jennifer Pottheiser/NBAE via Getty Images)

CLEVELAND - 2003: LeBron James #23 of the Cleveland Cavaliers soars for a dunk against the Washington Wizards during a 2003 NBA game at the Quicken Loans Arena in Cleveland, Ohio. (Nathaniel S. Butler/NBAE via Getty Images)

High School Basketball: ABCD Camp: LeBron James (155) in action, dunking during game at Rothman Center. Teaneck, NJ 7/7/2001 -- 7/11/2001 CREDIT: Damian Strohmeyer (Damian Strohmeyer /Sports Illustrated/Getty Images) (Set Number: X63413 TK8 R3 F9 )

By Cox Media Group National Content Desk

Update July 1, 8:25 p.m. EST: The management group representing LeBron James has indicated the NBA star will sign a four-year, $154 million deal with the Los Angeles Lakers.

Update June 30, 3:30 p.m. EST: LeBron James told the Cleveland Cavaliers he would not exercise his $35.6 million contract option next season, making him an unrestricted free agent.

NBA teams can begin negotiations with free agent players on Sunday.

By declining his option, James has positioned himself to choose where he’ll play next.

TRENDING STORIES:

Cleveland remains a strong possibility, but the Los Angeles Lakers and Philadelphia Sixers are also strong contenders for the NBA star, according to the Chicago Tribune.

(Original story)

NBA star LeBron James will reportedly be an unrestricted free agent this summer.

According to the NBA, ESPN and other outlets, James, 33, will decline his $35.6 million contract option for another season with the Cleveland Cavaliers.

James has to make a final decision by 11:59 p.m. Friday, sources told the Associated Press.

The three-time champion is set to become one of the most coveted members of the NBA free-agent class.

He appears to be unshaken by the stress, posting a video of himself cliff jumping with his family on Instagram.

Teams can begin negotiation with free agents at 12:01 a.m. Sunday, according to NBA.com.

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James’ decision to decline the option for 2018-19 was anticipated by many, especially after Cleveland’s defeat to the Golden State Warriors in the 2018 NBA Championship game.

James has said family is a factor in his next choice -- as an Ohio native, there is still a chance he’ll sign with Cleveland.

Sources tell ESPN that Cleveland can offer James a better deal than any other team, with a five-year contract worth over $200 million.

Any other team can offer up to a four-year deal worth $152 million.

If James re-signs with Cleveland, he would earn $35.4 million in the 2018-19 season and would jump to $32.2 million in the option year.

He would also have the opportunity to explore free agency again in the summer of 2019.

James is also rumored to be considering the Los Angeles Lakers, ESPN reports.

James has some roots on the West Coast -- he owns a film production company and two homes in the Los Angeles area.