Anderson Varejao to opt out of his contract is reporting that Anderson Varejao will be opting out of his contract to become an unrestricted free agent.

In the article it is reported that “Anderson Varejao did not meet with the media Sunday, but a league source said that he intends to opt out of the final year of his contract and become an unrestricted free agent on July 1. This option was part of three-year offer sheet Varejao signed with the Charlotte Bobcats that the Cavs matched in 2007.

Varejao will likely leave $6.2 million on the table coming off a season in which he set career highs in starts (42), points (8.6) and field goal percentage (.536).

The Cavs retain his rights so they can exceed the salary cap to sign him. But unlike 2007, they will not be able to automatically match an offer such as the one the Bobcats extended.”

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