James had until 11:59 p.m. ET on Friday to let the Cavs know his intentions before the deal was to expire. His free agency will start this Sunday and is expected to completely shift the balance of the NBA. First reported by Joe Vardon of Cleveland.com on Twitter, the news has since been reported by ESPN and NBA.
His 2018-19 season with the Cavs was worth approximately $35.6 million.
As ESPN points out, he could very well re-sign with the team for a one-plus-one deal, giving him the option of free agency again next year in the summer. His option year for 2019-20 would be worth $38.2 million.