No, he most definitely can say what he wants. Look at all the other free agents who have already announced their essentially finalized deals with their new/old teams.
I voted yes because of my gut instinct but I wouldn't be surprised at all if James signs with another team.
It's really not looking good. The longer this drags out, the worse our chances become. If the team truely offered him 5 years/$30 million & he hasn't accepted it, then they might want to cut their losses & look elsewhere.