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8 year oldThe 31-year-old has won gold medals at the last two Games, but will not travel to Brazil this summer.
Four-time NBA Most Valued Player James led Cavaliers to the NBA title last week, but said on Thursday: "I could use the rest".
The American side are already without Golden State Warriors star Steph Curry, as well as James Harden and Chris Paul.
James is the US team's all-time scoring leader with 273 points and second in career rebounds with 95.
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