LeBron James has reportedly informed the Cleveland Cavaliers that he'll opt out of the final year of his contract, making him an unrestricted free agent on July 1. In turning down the $35.6 million option for the 2018-19 season, the 4x NBA MVP can now sign a five-year, $207.4 million deal with the Cavs, or as much as a four-year $152.3 million deal with another team.

And when it comes to other teams that LeBron could potentially sign with, the Los Angeles Lakers are the favorites. The Lakers are reportedly "racing" to strike a deal with the San Antonio Spurs for All-Star forward Kawhi Leonard in an effort to make LeBron's decision that much easier. Additionally, the Lakers could also sign Paul George, who recently opted out of his contract and has expressed a strong desire to play for his hometown team.

According to ESPN's Brian Windhorst, LeBron intends to make his announcement before the 4th of July holiday. Appearing on The Lowe Post podcast last week (H/T Bleacher Report), Windhorst said, "Everybody will be on holiday on July 4. It will be over by then." 

On top of that, LeBron will reportedly use the hype surrounding his decision to reveal the first trailer for Space Jam 2. According to Brandon "Scoop B" Robinson of The Basketball Society Online (H/T WKYC), shortly after revealing his free agent destination, LeBron will unleash the Space Jam 2 trailer via the Instagram TV app.

"In addition, once James announces his decision, he will utilize the Instagram TV app to launch a trailer and/or a documentary for his Space Jam 2 that we’ve waited forever and a day to see."

Warner Bros. announced in May 2016 that a Space Jam sequel was in the works, and it is believed that the contents of the trailer will state LeBron's next NBA destination.