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CLEVELAND -- Miami Heat SF LeBron James will reportedly opt out of his contract, according to ESPN reporter Chris Broussard.

Broussard says James' agent, Richie Paul, has informed the team he will exercise his early termination option.

James has been with the Miami Heat since signing with the team as an unrestricted free agent in 2010.

He won two NBA championships, earning NBA Finals MVP in both efforts, with the Heat. However, the team lost in their Finals appearance this year 4-1 to the San Antonio Spurs.

This is the second time in James' career that he will become an unrestricted free agent.

The 10-time NBA All-Star was drafted number one overall by the Cleveland Cavaliers out of Akron's St. Vincent-St. Mary High School in 2003.

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