updated 11:13 p.m. ET June 9, 2008

WASHINGTON - Gilbert Arenas lived up to his word and opted out of the final year of his contract, the Washington Wizards said Monday.

The move had been long expected. Arenas has repeatedly said he would forgo the final year of his six-year, $65 million deal so that he could re-sign with the team for an even larger amount.

Arenas can begin negotiating with any team on July 1. While he has expressed a desire to remain with the Wizards, he has also said he won’t return unless the team also re-signs Antawn Jamison, who is also set to become a free agent.

Wizards president Ernie Grunfeld has said he wants to re-sign both Arenas and Jamison.

Arenas, a three-time All-Star, missed most of last season after two operations on his left knee. He has averaged 22.8 points, 5.5 assists and 4.2 rebounds in his seven-season NBA career.

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