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LeBron James Plans Weekend Party in South Beach!

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LeBron James has rented six cabanas at the W Hotel South Beach this weekend to celebrate his team decision, two sources confirm to

That adds more fuel to the fire that James, 25, will announce he's joining the Miami Heat Thursday night, as several insiders told ESPN this morning. (He's still confirmed to attend NBA star Carmelo Anthony's Saturday-night wedding to former MTV VJ LaLa Vazquez in NYC.)

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The basketball great will make his announcement from the Boys and Girls Club of Greenwich, Conn. Thursday night during an hourlong sports special called The Decision, to be aired on ESPN at 9 P.M. ET. Proceeds from commercial sales will be donated to the club.

If James goes to the Heat (where he'd play alongside All-Stars Dwyane Wade and Chris Bosh), he'd likely take a $30 million pay cut, ESPN reported. His current team, the Cleveland Cavaliers, has offered him a six-year, $128 million contract, while Miami would sign him to a five-year deal worth $99 million.

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Both the New York Knicks and New Jersey Nets (who are relocating to Brooklyn) have been wooing James as well, with campaigns starring everyone from Mayor Michael Bloomberg to Jay-Z, a Nets part-owner.

Joked Diddy on Twitter Wednesday night, "Breaking news!!! Lebron signs with the Knicks!! I just saw him leaving the knicks owners house!!! He lives next door to me! Let's go NYC."

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