He may not be leaving the Heat, but according to ESPN.com, LeBron James has decided to opt out of his contract with the Miami Heat and test the free agent market.

James' agent informed the Heat of his decision today.

James had until June 30 to decide whether to opt out of the final two years of his contract that had scheduled to earn him $20 million dollars next season and had another two years worth nearly $50 million left.

With James and the New York Knicks' Carmello Anthony officially opting out of their contracts, ESPN.com is reporting that several teams including the Cleveland Cavaliers, Atlanta Hawks and L.A. Lakers have started to look into roster moves that would create enough cap space to bring in both All-Stars.

In four seasons with the Miami Heat James led the team to the NBA finals four consecutive times, winning two championships.