LeBron James will become a free agent this summer after the four-time Most Valuable Player decided to exercise his early termination option, his agent Rich Paul announced on Tuesday.

James, who averaged 27.1 points to go along with 6.9 rebounds and 6.4 assists per game last season, had two years left in his contract with the Heat and is set to earn around $42.7 million in the next two seasons.

But while James will become a free agent on July 1, NBA executives are aware that the superstar forward will still strongly consider returning to Miami next season.

Previous reports indicated that James will opt out of his contract and accept less money to give the Heat the opportunity to acquire key players, who could solidify the bench in the next several seasons.

The 29-year-old forward also said that he wants to become a free agent to have the same level of flexibility that he had in 2010 when he tested the free agency market before deciding to move to South Beach.

"Being able to have flexibility as a professional, anyone, that's what we all would like," James said via ESPN. "That's in any sport, for a football player, a baseball player, a basketball player, to have flexibility and be able to control your future or your present. I have a position to be able to do that."

By opting out, James will also have the opportunity to earn a longer deal with Miami. The Heat can offer a maximum five-year deal worth around $130 million, while other interested teams can offer a four-year deal worth $96 million.

There are also rumors suggesting that James will consider signing elsewhere with sources saying that the Chicago Bulls and Cleveland Cavaliers have a good chance of landing the 11-year veteran.

The other Heat superstars -- Dwyane Wade and Chris Bosh -- also have early termination options, but they have yet to inform Miami about their plans this summer.

Both Bosh and Wade are expected to opt out as well -- either to give Miami the flexibility that they need to retool the roster or to get the chance of winning another title with a new team next season.

"There's a conversation that will be had between the three of us," James said of Wade and Bosh. "I think it's only right. I think we've earned that for each other, to have a conversation and see what could possibly happen.

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