"I'm happy for the franchise and happy for the fans," James said after Wednesday morning's shootaround at the United Center. "I think it is a good step for them."
LeBron apologized to Cleveland for "The Decision" after the Heat eliminated the Boston Celtics in the second round of the playoffs, explaining that he knew playing in Miami was a "once in a lifetime" opportunity.
The Cavs, who drafted James with the top overall pick in the 2003 draft, are expected to select Duke's Kyrie Irving with the No. 1 pick.
"If it's Kyrie, I don't think you automatically place the franchise tag on him," James said. "But I think he's good enough where, if he continues to work hard, he could be that guy for that team."