LeBron James to become free agent

LeBron James

LeBron James is opting out of his contract with the Miami Heat and will become a free agent, according to a source familiar with the situation.

This move doesn't necessarily mean the four-time MVP will leave the Heat. He could re-negotiate his contract and return to Miami for less money in hopes the Heat would sign other players.

LeBron had two years and about $42 million remaining on his deal with Miami. He's won two championships with the Heat.

Watch WTHR at 12:30 pm for an interview with Mark Montieth from Pacers.com. He'll talk about James' decision and how it impacts the Pacers.