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CLEVELAND – According to ESPN reports, LeBron James has notified the Cavaliers that he will opt out of his contract and will be a free agent as of July 1.

ESPN’s Brian Windhorst says it is likely he will re-sign with the Cavaliers, but he is waiting to see how free agency plays out over the beginning of July.

Last week, Kevin Love opted out of his contract with the Cavaliers for free agency as well.

LeBron James carried the Cavaliers on a historic run through the NBA playoffs in his first season back with the team since playing in Miami. He made history in the NBA Finals, leading the series statistically in most categories, despite the Cavaliers losing to the Golden State Warriors.

Fox 8 has reached out to the Cavaliers for comment.