James to opt out of contract with Heat

LeBron James' agent, Rich Paul, has informed the Miami Heat that James will exercise his early termination option and become an unrestricted free agent on July 1.

Opting out does not mean that James has decided to leave the Heat, sources said.

"I was informed this morning of his intentions. We fully expected LeBron to opt out and exercise his free agent rights, so this does not come as a surprise," Heat president Pat Riley said in a statement.