James is set to become an unrestricted free agent on July 1 after reportedly deciding against exercising his $35.6million option with the Cavs.
James had until 11:59 p.m. on Friday to take up the option to remain with Cleveland for at least one more season.
However, news agency Cleveland.com claim James’ agent Rich Paul notified the Cavs of his client’s decision on Friday.
But just hours before deciding to leave the Cavs, James was seen jumping off a cliff while enjoying some time with his family.
He uploaded the video to his Instagram page with the caption: “Everyone asking me if I really jumped earlier from my story early on today, well here you go!
“Haters will say it’s fake(videoshopped).
“P.S excuse my language but it’s Still #BlackExcellence #JamesGang.
James is set to enter his 16th year in the NBA but his next destination still remains a mystery.
The Los Angeles Lakers are understood to be frontrunners to secure his signature but the Houston Rockets, Boston Celtics and Philadelphia 76ers have also been linked.
However, his next move will depend on input from his family.