Miami Heat forwards LeBron James and Chris Bosh and guard Dwyane Wade are discussing financial terms of new contracts among each other after agreeing to opt out of their deals, according to ESPN.com.

Bosh reportedly has not officially opted out but plans to join his two star teammates and become a free agent.

"Today we were notified of Chris' intentions to opt-out of his contract," team president Pat Riley said in a statement. "Chris is one of the most versatile and dynamic big men in this league, and he has been an instrumental key to our championship success over the last four seasons. We look forward to meeting with Chris and his agent in the coming days to discuss keeping him in Miami for many years to come."

The moves cut $55 million off the Heat's salary cap number for next season.

By opting out, the Big Three will be free to negotiate with other teams starting Tuesday, but their plan is to take less money to re-sign with Miami so Riley and the front office can add more talent to the roster and make another run at an NBA championship.

The trio joined forces in 2010 and signed identical contracts. This time, however, James will reportedly earn the highest salary among them.

In 11 NBA seasons, James, 29, has never been the highest-paid player on his team.

If James, Bosh and Wade sign maximum salary deals at $22 million each per season, the Heat would be in the luxury tax and would hamper the team's ability to spend money to get additional help.

Taking significant pay cuts would put the team below the salary cap and allow Riley and the front office to pursue free agents, perhaps star forward Carmelo Anthony. However, that option is not likely at this time.

They could also take a slight drop in pay, which would place the Heat below the luxury tax line and allow them to use the full mid-level exception of $5.3 million and the biannual exception of $2 million to bring in more than one role player.

Forward Udonis Haslem, who declined a $4.6 million player option for next season, also gives the team cap flexibility to sign a free agent.

Riley responded to Wade's and Haslem's intentions on Saturday, saying in a statement that the team hopes to retain them.

The Heat have been to the NBA Finals four straight years and won two titles, but lost to the San Antonio Spurs in five games earlier this month.