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Jun 30, 2016 09:46 AM EDT

NBA News: LeBron James Will Have Mega Deal with Cavaliers in 2017, Or Become Free Agent?

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LeBron James is starting a process that could make him become the NBA's first $200 million superstar player and the highest-paid NBA player for a single season in league history.

On Tuesday, the finals MVP James, informed the Cleveland Cavaliers  that he will not pick up his $24 million player option for the upcoming NBA season. James' move potentially puts himself in a position to sign the largest total value contract in league history next season.

The power forward James has the option for next season to sign a one-year contract with the Cleveland Cavaliers for $27.5 million, which is less than $3.3 million James could get if he sign a multiyear deal, in which the first year would be worth $30.8 million. Under the rules of the National Basketball Association (NBA), the Cavaliers can't give Lebron the full max next NBA season on a one-year contract, ESPN reported.

Lebron declined his player option for next season with the NBA champion Cavs, however, the four time NBA's Most Valuable Player made it known that  he has no intention of leaving the NBA champion Cavaliers anytime soon. James had until midnight on Wednesday to make up his mind - in which he'll get paid  $24 million next season, CBC Sports reported.

Lebron's choice to opt out was expected. Since James returned to the Cavs in 2014, James signed two short contracts, then he made a choice from a range of possibilities after the first season of each one to take advantage of an escalating salary cap, USA Today reported.

If James chose to leave the Cavs after next season, James could sign a four-year, $150.4 million contract with another NBA team.

On the other hand, the Houston Rockets' center Dwight Howard is expected by some executives to require a starting salary that ranges from $10-15 million. While the L.A. Clippers are expected to pitch Oklahoma City Thunder's Kevin Durant on joining Chris Paul, DeAndre Jordan and Blake Griffin in a "Big Four" roster framework, Sports Illustrated reported.

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