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Four-time National Basketball Association (NBA) Most Valuable Player (MVP) LeBron James has opted out of his remaining two- year contract with the Miami Heat and becoming a free agent this coming July 1.

Richie Paul, LeBron's agent, had recently told Miami that James would exercise his early termination of his remaining two-year contract which amounts to $42.7 million.

Heat president Pat Riley responded: "Players have a right to free agency and when they have these opportunities, the right to explore their options. We look forward to sitting down with LeBron and his representatives and talking about our future together."

Riley also said in a statement: "We fully expected LeBron to opt-out and exercise his free agent rights, so this does not come as a surprise. As I said at the press conference last week, players have a right to free agency and when they have these opportunities, the right to explore their options."

Free agency doesn't necessarily mean that LeBron would leave the Heat whom he had led to two NBA championship titles in 2012 and 2013 but lost to the San Antonio Spurs in this year's finals.

In a press conference held last June, LeBron said: "Being able to have flexibility as a professional, anyone, that's what we all would like. That's 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 ... There's a lot of times that you're in control of your future as a professional," James added.

LeBron also messaged the other two of the known "Big Three" of Miami, Dwayne Wade and Chris Bosh saying that: "There's a conversation that will be had between the three of us. 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."

Miami have been reported to be interested with New York Knicks' Carmelo Anthony who earlier also opted out of his remaining contract.

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