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A New Team Has Been Named The Favorite To Sign LeBron James

LeBron James looking over his right shoulder.

SACRAMENTO, CA - JANUARY 13: LeBron James #23 of the Cleveland Cavaliers stands on the court during their game against the Sacramento Kings at Golden 1 Center on January 13, 2017 in Sacramento, California. (Photo by Ezra Shaw/Getty Images)

We've officially entered LeBron James Free Agency season. It's shaping up to be a crazy one, with new reports and rumors surfacing every hour.

Several teams have been mentioned as contenders to land the Cleveland Cavaliers star, with no one seeming to have a great sense on who the favorite is.

Bovada's sportsbook has released new odds on James' impending decision. A new team has been named the favorite.

The Los Angeles Lakers have surged into the top spot. L.A. now has 7/4 odds to sign the league's best player.

The Philadelphia 76ers are listed as the No. 2 favorite. Philly has 11/5 odds.

Houston, Cleveland and San Antonio round out the top five. The full odds can be seen below.

LeBron James free agency odds: New update

It's quite possible that James himself still has no idea what he's going to do. Free agency doesn't officially begin until July 1, so he has some time to think everything over.