Los Angeles, California - LeBron James has decided to opt out of the final year of his Los Angeles Lakers contract in order to secure a new deal with the NBA club, multiple reports said Saturday.

James, a four-time NBA champion, dumps a deal that would have paid him $51.4 million next season, ESPN and The Athletic reported, and becomes a free agent but looks to return on a potential maximum three-year deal worth $162 million.

Bronny James, the 19-year-old son of LeBron, was drafted 55th of 58 picks in the NBA Draft on Friday by the Lakers and is set to become part of the NBA's first father-son duo alongside his 39-year-old dad.

The Lakers revealed on Saturday that Bronny would wear Lakers jersey number nine and his uniform would have "James Jr." on the back.

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The club has said they want to re-sign the elder James, a four-time NBA Most Valuable Player, and could swing a deal with him that would provide more money for the Lakers to swing trade or free agency deals for certain players.

The Lakers, who fired Darvin Ham as coach, replaced him with JJ Redick, a television commentator who partners with LeBron James on a podcast.

The elder James, who turns 40 in December, averaged 25.7 points, 8.3 assists, and 7.3 rebounds a game for the Lakers last season.