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LeBron James opts out of $24 million Cavaliers contract

It's official. Superstar basketball player LeBron James is a free agent ... again.

The Cleveland Cavaliers forward and finals MVP elected to opt out of his $24 million contract and will become a free agent on Friday, ESPN reported Wednesday, citing James' agent.

That said, it is unlikely that James will sign with another team. "I love it here in Cleveland. I have no intentions of leaving," he said after Cleveland won its first-ever NBA title. "There are some technicalities to take care of I'll leave up to my agent. That's right from the horse's mouth."

James' agency firm, Klutch Sports Group, did not immediately respond to CNBC's comment request.

Click here to read ESPN's full report.