LeBron James' agent, Rich Paul, announced on June 30 that James would not return to the Los Angeles Lakers, making him an unrestricted free agent. This decision initiates a free agency period for the 41-year-old player after eight seasons with the Lakers. Paul stated that playing meaningful games and competing for a title are the most important factors for James.

Marc Stein reported that the Cleveland Cavaliers, Golden State Warriors, Denver Nuggets, Philadelphia 76ers, Minnesota Timberwolves, and Miami Heat believe they are in contention for James. Shams Charania reported that the Cleveland Cavaliers, Miami Heat, and Philadelphia 76ers are the top free agency fits.

Charania reported that the Philadelphia 76ers began taking James' pitch seriously within 24 hours of acquiring Jaylen Brown via trade. Charania also reported that Donovan Mitchell and James Harden of the Cleveland Cavaliers would be fully supportive of James joining their team. Mitchell recently agreed to a max contract extension with the Cavaliers, a team that reached the Eastern Conference Finals in the previous season.

Reports indicate Giannis Antetokounmpo would welcome James joining the Miami Heat. The Heat also acquired Tim Hardaway Jr. During the week of July 8, James spent time with Golden State Warriors player Draymond Green. Stein reported that some league observers expect James to wait at least one more week before making a decision.

James earned $52 million in the previous season. The Los Angeles Lakers retain James' Bird rights. Former NBA player Mario Chalmers stated he believes James might sign with the Golden State Warriors. Chalmers, who won back-to-back championships with James on the Miami Heat, also stated that Miami would be an ideal landing spot. James announced his first free agency decision on July 8, 2010, and announced his return to Cleveland on July 11, 2014. He joined the Los Angeles Lakers on the first night of the moratorium period in 2018.