LeBron James working on new deal with Cleveland Cavaliers

Days after winning the Cleveland Cavaliers first NBA title, and delivering the city its first major pro sports championship in 50 years, LeBron James said he plans on opting out of his contract, which had a one-year player option, and sign a new deal that could bump his pay from $24 million to $30 million.

With the NBA raising its salary cap, James will decline the option on June 29, according to Joe Vardon of Cleveland.com. This is a similar move he made last season, opting out in free agency to sign a better deal. With the NBA's new collective bargaining agreement, he would make substantially more money signing to a long-term deal now than he would have when he returned to Cleveland in 2014 or after his first season back last summer.

"I love it here in Cleveland, I have no intentions of leaving," James told ESPN's Dave McMenamin. "There are some technicalities to take care of I'll leave up to my agent. That's right from the horse's mouth."

Vardon said James has been blown away emotionally by the outpouring of support from fans over the last few days.

"This is the happiest time in my life right now," James said.

Several sports media figures, including former ESPN NBA analyst and current HBO host Bill Simmons, said on Twitter he expected James to sign with a team in Los Angeles. Speculation on James' status with the Cavs has been rampant since he returned, despite the team's massive success and LeBron wanting to return to his hometown. When James unfollowed several Twitter accounts, including local and national media accounts and the Cavaliers official account earlier in the season, James voiced his displeasure and annoyance at his every word and move being overanalyzed.

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