As was widely expected, Jimmy Butler will not opt into his $19.8-million player option for next season, league sources told Yahoo Sports' Chris Haynes.

Butler stands to earn a considerably higher annual salary on a long-term deal as an unrestricted free agent this summer. If he stays with the Philadelphia 76ers, he can garner a contract worth as much as $188 million over five years. If he signs elsewhere, his new deal's maximum value will be capped at $141 million over four years.

If money is the priority, the 29-year-old should be able to find a willing dance partner in the 76ers; the team reportedly continues to prioritize re-signing the four-time All-Star after he averaged 18.2 points, 5.4 rebounds, four assists, and 1.8 steals following his trade from the Minnesota Timberwolves in November.

It appears the 76ers will have at least some competition for Butler's services, as the Los Angeles Lakers are reportedly interested in signing him.