Source: LeBron James will resign from his contract and seeks a new agreement with the Lakers

LeBron James intends to opt out of the final year of his $51.4 million contract with the Los Angeles Lakers for next season and reach 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 for which he is eligible, sources told ESPN.

Los Angeles selected James’ oldest son, Bronny James, with the 55th pick in the second round of the NBA draft on Thursday.

James averaged 25.7 points, 8.3 assists and 7.3 rebounds in 71 games last season, the most he has played in six seasons with the franchise. He shot 54 percent from the field and a career-best 41 percent on 3-pointers as he was named to the All-NBA Third Team and became the first player in league history to surpass 40,000 points.

Lakers star big man Anthony Davis, who has played five of those six seasons with James in Los Angeles, said he has intentionally not pressured James regarding his decision this offseason. The two will also team up at the Paris Olympics this summer.

“I’m just respecting their space,” Davis told ESPN this week. “I know that we will be together all summer and I know that if he decides to do something, whether it is to stay with the Lakers, choose to stay or not and renew his contract or choose not to do it and choose a different path, I know that he will tell me before make any (official) decision just because we have that relationship. So I’m pretty sure I’ll know before anyone else besides his family and Rich (Paul).”

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