Wade told the Miami Heat on Saturday that he is opting out of the final two years on his contract, which means he is free to talk to any team on July 1. It's the same option James exercised earlier this week.
The move also comes three days after Wade, James and Chris Bosh met at a posh Miami Beach hotel to discuss their futures.
By opting out, Wade forgoes the remaining $41.8 million in his current deal and will sign a new contract with the Heat or any other club. The move also provides the Heat financial flexibility to sign additional players while quite possibly being able to convince Wade and James into staying.
Bosh has the same opt-out option and has not yet announced his plans.