Facing a Wednesday deadline, Charlotte Hornets guard Jeremy Lin declined to opt in on a $2.2 million player option for next season, making him an unrestricted free agent as of July 1, league sources say.

Lin, who turns 28 in August, averaged 11.7 points, 3.2 rebounds and 3 assists over 26.3 minutes per game in his only season with the Hornets. He signed a two-year, $4.3 million contract with Charlotte last July, but the contract contained an early termination option that Lin triggered to explore free agency.

Lin signed a three-year, $25 million contract with the Houston Rockets after the Linsanity craze with the New York Knicks in 2012.

He averaged 12.4 points, 2.6 assists and 2.3 rebounds over 27 minutes per game in the playoffs, as he was featured in a backup role for the Hornets.

Lin said after the season that he was intrigued by a return to Charlotte.

"If you asked me would I be interested in coming back, there's no question in my mind -- it's a resounding yes," Lin told reporters. "I would be very interested in coming back."

Information from ESPN's Chris Forsberg was used in this report.