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Source: LeBron James to opt out, eyes new deal with Lakers

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LeBron James intends to opt out of the final year of his contract with the Los Angeles Lakers worth $51.4 million for next season and work out a new deal with the team, a source familiar with his plans told ESPN.

James, 39, has until 5 p.m. ET on Saturday to inform the Lakers of his official decision.

The Lakers are committed to keeping James with the franchise and would be interested in offering the four-time MVP up to the maximum three-year, $162 million contract he is eligible for to retain him, sources told ESPN.