Report: LeBron informs Cavs he will opt out and become free agent

LeBron James will become a free agent this summer.

James' agent informed the Cleveland Cavaliers that he will decline his $35.6-million player option for 2018-19 and become an unrestricted free agent this summer, according to Joe Vardon of Cleveland.com.

Opting out doesn't necessarily dash the Cavaliers' chances of re-signing James, as he could still re-sign since they hold his full Bird Rights. However, this decision does hurt suitors who are over the cap - such as the Houston Rockets - since trading for James was the only feasible option of landing him.

Conversely, James' decision benefits the Los Angeles Lakers and the Philadelphia 76ers, as both teams could create the requisite cap room to sign James outright. Since they no longer need to trade for James, both teams can concentrate their assets in hopes of landing Kawhi Leonard to sweeten the pot for James to sign thereafter.

James was drafted by the Cavaliers in 2003, and returned to The Land in 2014 after winning two titles with the Miami Heat. He led the Cavaliers to the Finals in each of the four years since his return, and helped Cleveland win its first major professional sporting title in over five decades.