NBA super agent Rich Paul has confirmed to ESPN that his client and close friend LeBron James will officially re-sign with the Cleveland Cavaliers next week, with terms having been agreed.
The 31-year-old opted out of his current deal at the end of the last season in order to become a free agent in July, however, the option to re-sign was always the expected outcome.
LeBron helped his Cleveland side overturn a 3-0 finals deficit to win 4-3 earlier this year, winning his third NBA championship in the process. Over the course of last year's regular season, The King averaged 25.3 points from 76 appearances.
The Cavs will begin their NBA title defense against Derrick Rose's New York Knicks on October 26th, before traveling to face the Eastern Conference runners-up the Toronto Raptors three days later.
Record breaking dollars
Whilst LeBron re-signing won't come as surprising news in itself, the money he's set to earn may raise some eyebrows. During the first of the three years, the forward will rake in $31 million, a figure that will make him the highest-paid player in the entire league.
During the 2017/18 season, James' earnings will be in excess of $33 million, topping the figure earned by Michael Jordan way back in 1998.
The contract will make the 12-time NBA All-Star the league's highest earner for the first time in his career, with Kobe Bryant topping the league's salary charts since 2009.
LeBron will also become just the third player to earn $30 million in a single season, joining MJ and Kobe in the record books.
The deal will also reportedly have a player option at the end of the second season. Previously, King James had only signed short, one-year deals with the Cavaliers, opting out after the first year on both occasions since his return from the Miami Heat in 2014.