Kylian Mbappé has reportedly let his Paris Saint-Germain club know he won’t be exercising his contract option to extend his deal with the team another season, meaning he'll look for a new club in 2024. 

Mbappé, whose contract is up in June 2024, reportedly wrote to PSG about his decision not to exercise the option Monday, per French publication L’Equipe. 

Mbappé said in a statement via AFP that PSG has been aware of his decision since last summer. 

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"The board has been informed since July 15, 2022, of my decision not to extend beyond 2024, and the letter sent was only meant to confirm what I already told them," the player said.

The 24-year-old’s decision has created a frenzy around the soccer world with teams reaching out to PSG about trading for Mbappé before he becomes a free agent. 

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One of those teams is Real Madrid, which has tried to acquire Mbappé in the past. ESPN reports the team is "ready to bid" for his talents this summer instead of waiting another year. 

PSG would be compensated nicely if it were to let Mbappé go now instead of waiting for him to become a free agent, and ESPN reported the price tag would be 150 million euros. 

While speculation runs rampant regarding Mbappé's future, he wrote on Twitter he intends to play for PSG this summer before hitting free agency. 

"Lies," he wrote in all caps, responding to a tweet from French publication Le Parisien that said he wants to play for Real Madrid. "At the same time, the bigger it is, the more it passes. I have already said that I will continue next season at PSG where I am very happy."

But it appears PSG is ready to move on and wants compensation now that Mbappé's intentions are clear. 

Mbappé's decision comes after soccer legend Lionel Messi announced he will be heading to the United States to play for Inter Miami of Major League Soccer. Sergio Ramos is also leaving the club, while it continues to look for a new head coach. 

As a captain of the French national team, which came in second place in the World Cup last year, the loss of Mbappé would be big for France.

Mbappé has been with PSG since the 2017-18 season, when he had 13 goals and eight assists over 27 Ligue 1 matches at just 18 years old. He added 29 goals and five assists in 2022-23.