The salary in the first year of the deal will be $31 million, making him the highest-paid player in the NBA.
He made the announcement on Twitter, via the Bleacher Report’s Uninterrupted, saying last year was “magical and inspiring.”
— UNINTERRUPTED (@uninterrupted) August 11, 2016
A person familiar with the contract says James, who recently led the Cavs to an NBA title – the first for a Cleveland sport team in 52 years – will soon sign the deal. The person spoke to the Associated Press Thursday on condition of anonymity because some details of the deal need to be finalized.
The 31-year-old James recently indicated he intended to re-sign with Cleveland, but was expected to accept the same one-year deal he signed in each of his two previous seasons since returning to Cleveland.