The 33-year-old James is having another MVP-caliber season, as he is averaging 27.0 points, 9.0 assists and 8.4 rebounds per game.
LeBron already left Cleveland once in favor of the Miami Heat, and he accomplished his stated goal in returning to the Cavs by leading them to a championship during the 2015-16 season.
The Cavaliers have struggled this season in comparison to previous years, as they are third in the Eastern Conference, but the trade-deadline additions of Jordan Clarkson, Larry Nance Jr., George Hill and Rodney Hood have seemingly energized the team.
If James doesn't re-sign with the Cavs, the Lakers, Rockets and Sixers have all emerged as rumored options.
LeBron has a home in L.A., and one fan recently bought four billboards in an attempt to lure him in free agency, per ESPN.com's Ohm Youngmisuk.
USA Today's Sam Amick reported in December that some "in Rockets circles" believe Houston has a legitimate chance of signing James. The Rockets are currently first in the Western Conference, and LeBron would have a chance to play with one of his close friends in point guard Chris Paul.
Sixers color commentator Alaa Abdelnaby said James was in Philadelphia during the All-Star break to look at private schools for his children, but LeBron denied that, per Tom Withers of the Associated Press.
In Philly, James would join a talented, young core that includes Joel Embiid and Ben Simmons.
James undoubtedly will be the crown jewel of free agency if he opts out as expected. Whichever team is fortunate enough to land the four-time MVP and three-time NBA champion could vault into immediate title contention.