LeBron James has opted out of the final year of his contract with the Los Angeles Lakers worth $51.4 million for next season and will look to work out a new deal with the team.
James, 39, had a 5 p.m. ET deadline Saturday to inform the Lakers of his official decision.
Shortly after James officially opted out, his agent, Rich Paul of Klutch Sports, explained his client's thinking.
"He is prioritizing a roster improvement," Paul told ESPN on Saturday. "He's been adamant about exuding all efforts to improve the roster."
Paul said James would be willing to work with the Lakers on signing a deal below the maximum three-year, $162 million he is eligible for to open up the full $12.9 million midlevel exception to sign an "impact player."
The type of player that James would be willing to make a financial sacrifice for would be an established veteran playmaker such as James Harden or Klay Thompson, or an established big man to play alongside Anthony Davis such as Jonas Valančiūnas, sources told ESPN.
If the Lakers are unable to entice a player of that ilk to come to L.A. for the MLE, James will seek the max, Paul told ESPN.
James can only have so much patience in working with the Lakers on his next deal, however. Team USA's training camp to prepare for this summer's Paris Olympics begins in a week in Las Vegas.
Paul told ESPN that he will look to complete a deal with the Lakers for James before Team USA camp opens.
L.A. drafted James' eldest son, Bronny James, with the No. 55 pick in the second round of the NBA draft Thursday.
James averaged 25.7 points, 8.3 assists and 7.3 rebounds in 71 games this past season -- the most games he has played in six seasons with the franchise. He shot 54% from the field and a career-best 41% from 3 as he was named to the All-NBA third team and became the first player in league history to surpass 40,000 points.
In another move Saturday, the Lakers extended a qualifying offer to Max Christie for $2.3 million, making the 21-year-old guard a restricted free agent, a league source confirmed to ESPN. If Christie receives an outside offer, L.A. will have the rights to match.
The qualifying offer was first reported by USA Today.