LeBron James has opted out of the final year of his contract with the Cleveland Cavaliers. 

People close to the situation told Cleveland.com James declined a $35.6 million contract and will become an unrestricted free agent on Sunday, July 1. 

James had until 11:59 p.m. on Friday to accept the contract, and his agent, Rich Paul, shared his decision on Friday morning. 

Sources say he is interested in potentially joining the Los Angeles Lakers. 

This decision doesn't mean he will leave the Cavaliers. He could sign a new 5-year contract with the team worth $207.4 million, more than any other franchise is willing to pay, a number based on a projected NBA salary cap of $101 million. The most another team could offer is four years and $152.3 million. 

The news has drawn various reactions, with many fans throwing in suggestions:

Where do you want to see Bron play, Blavity Fam?