Basketball: James opts out of contract, will re-sign during off-season

LeBron James during the 2016 NBA playoffs. Photo / Getty Images

LeBron James, who has made it clear he does not intend to leave the Cleveland Cavaliers despite opting out of his contract, informed the NBA champions he will re-sign this summer.

James has no timetable for negotiating or signing a deal, sources told ESPN on Tuesday.

James, fresh off guiding the Cavaliers to their first NBA title, turned down a $US24 million salary for the 2016-17 season at the June 29 deadline for his decision.

He is currently travelling and spending time with his family and will eventually meet with agent Rich Paul to go over his contract options, according to ESPN.

The 31-year-old James can sign for up to $US27.5 million for next season on a one-year contract or sign a multi-year deal that could make him the league's highest-paid player at $US30.8 million for 2016-17.

James is one of several members of the Cavs from last season's championship team who remain unsigned, including JR Smith and head coach Tyronn Lue.

Meanwhile, Oklahoma City's Spanish star Alex Abrines has agreed on a three-year deal worth a reported $US18 million ($A23.69 million).