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Report: LeBron James is officially a free agent

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James has declined his player option.

NBA: Finals-Golden State Warriors at Cleveland Cavaliers David Richard-USA TODAY Sports

According to Joe Vardon of Cleveland.com, LeBron James has declined his $35.6 million player option and will become a free agent.

The Los Angeles Lakers seem to be the front runner for James, as this move makes Houston a less likely destination. The Rockets do not have the salary cap space to sign James, while the Lakers do. Similar to Houston, the Boston Celtics are over the salary cap, and would have to do some major shifting if they wanted to acquire James.

This move does not mean the 14-time All-Star will leave Cleveland, as he could still return on a new contract.

We’ll continue to update this story as the day progresses.