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Despite the rumors Ray Allen has reached an agreement with the Cavaliers, the veteran guard remains a free agent as of Tuesday, league sources told FOX Sports Ohio. Allen is still deciding whether he wants to continue playing or will retire.

"To continue playing, really, the only argument is I can because I'm in great shape," Allen told the Hartford Courant in an interview Aug. 2. "But just because you can doesn't mean you have to. Many people over these last couple of weeks have lobbied for me to continue to play. My argument for not playing is, I have done a significant amount in my career and I appreciate everything that has come my way and as I've gotten older, I'm 39, there are so many things in life I want to be able to do to affect change -- like being around kids full time, which I enjoy."

The Bulls, Spurs and Heat are also rumored to be interested in signing in the 18-year veteran.