Update: James said Tuesday that he would decline his $24 million player option for the 2016-17 season and become an unrestricted free agent July 1, Chris Broussard of ESPN.com reports.
Analysis: James already announced after the NBA Finals that he would return to the Cavaliers in 2016-17, but with the salary cap expected to increase at the start of the new league year, he'll become an unrestricted free agent in order to earn a higher annual salary. Look for James to negotiate another two-year contract with the Cavaliers that will include another player option on his contract for the 2017-18 season.
James says he has not committed to play for the United States at the Olympics.
A message Saturday on the Twitter account of longtime NBA writer Peter Vecsey said James and Carmelo Anthony had accepted Olympic invites. James spoke at Cleveland's shootaround Sunday before a playoff game at Detroit. When asked if he has committed to the Rio Games, he said: "I have not." James would have a chance to win his third Olympic gold medal if he plays in Brazil this summer.