The NBA’s all-time leading scorer will go into year 22 on a new contract. LeBron James is declining his $51 million player option for next season, and entering unrestricted free agency.

Shams Charania of The Athletic was first with reports on the Los Angeles Lakers‘ star.

“Just In: Los Angeles Lakers four-time champion LeBron James intends to opt out of his $51.4 million player option for next season, sources tell @TheAthletic @Stadium,” Charania tweeted on June 29. “The expectation is James will return to the Lakers on a new deal.”

The option is apart of a two-year, $99 million contract he signed with the Lakers in 2023.

Now he’ll look to sign another deal to remain in Los Angeles, where he’ll have the opportunity to play his son Bronny, who was drafted 55th overall in the 2024 NBA Draft.

James is coming off of his sixth season with the Lakers. He averaged 25.7 points, 8.3 assists, 7.3 rebounds, and 1.3 steals per game.

LeBron Helping Lakers to Open the Mid-Level Exception

Chris Haynes of Bleacher Report followed up Charania’s tweet with one of his own, saying James will work with Los Angeles in securing financial flexibility.

“With LeBron James opting out to re-sign with the Los Angeles Lakers,” Haynes tweeted. “The superstar is considering opening up a pathway for the team to obtain the full midlevel exception for the right targets, league sources tell @NBAonTNT, @BleacherReport.”

The Lakers are operating over the cap, so the mid-level exception represents one of few avenues to upgrade the roster this summer.

Keith Smith of Spotrac wrote on the Los Angeles’ cap situation following the news of James’ declining his option.