Indiana Pacers swingman C.J. Miles will decline his player option for the 2017-18 season and become an unrestricted free agent on July 1, league sources tell ESPN.

Miles, 30, is forgoing a salary of approximately $4.8 million in hopes of securing an extended, lucrative deal this offseason.

It's a decision the Pacers' brass anticipated. June 20 is the deadline for Miles to notify the team of his player option plans.

The 11-year veteran is completing the terms of a four-year, $18 million pact he signed in the summer of 2014.

In a predominantly reserve role last season, Miles averaged 10.7 points and shot a career- and team-high 41 percent from beyond the arc. In an era when 3-point shooting is a vital component to team success, Miles figures to have plenty of suitors this summer.

During his career, he has also had stints with the Utah Jazz and Cleveland Cavaliers. He was drafted by the Jazz with the 34th pick out of Skyline High School in Dallas. At 18, Miles became the youngest player in franchise history.