LeBron James has no plans to exercise his $51.4 million option year with the Los Angeles Lakers, instead seeking a new contract, a person familiar with the matter said Saturday.
That new contract could be finalized quickly, said the person, who spoke to The Associated Press on condition of anonymity because neither James nor the Lakers have revealed the decision publicly. ESPN, The Athletic and the Los Angeles Times all reported the news earlier.
The free-agent market officially opens Sunday, although contracts collectively worth $1.2 billion have already been reached due to new rules that allow teams to talk with their own players starting the day after the NBA Finals .
Among those who have already agreed to deals that will be made official on July 6: Scottie Barnes and Immanuel Quickley of the Toronto Raptors, Bam Adebayo of the Miami Heat, Pascal Siakam of the Indiana Pacers and OG Anunoby of the New York Knicks.
LeBron James was technically expected to be a free agent. He was also expected to stay with the Lakers.
The Lakers selected Bronny James – the eldest son of LeBron James – on Thursday in the second round of the draft, putting them in position to have the first father-son duo on the court in NBA history.
LeBron James is a four-time champion and is approximately 20 million short of becoming the first player in league history to exceed 500 million in salary.