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Source: LeBron James choosing free agency

By By CNN Staff
Published On: Jun 24 2014 09:22:40 AM CDT
Updated On: Jun 24 2014 02:20:33 PM CDT
LeBron James dunking basketball

Hans Deryk/Reuters

(CNN) -

Four years after "The Decision," LeBron James appears headed toward another one.

The Miami Heat star and four-time NBA MVP has decided to exercise his contract's early termination option, meaning he'll be a free agent July 1, a source close to him told CNN's Rachel Nichols on Tuesday.

The move would set up the 29-year-old NBA icon for a possible departure from Miami, where he has played the last four seasons, reaching four league finals and winning two championships.

James famously left his first team, the Cleveland Cavaliers, via free agency in 2010, teaming up with Heat star Dwyane Wade and fellow free agent Chris Bosh in Miami. James made that much-anticipated announcement in an ESPN special called "The Decision."