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(Reuters) - Twice NBA champion LeBron James has agreed to remain in Cleveland on a one-year deal with the Cavaliers worth $23 million, according to multiple media reports on Thursday.
The 30-year-old forward, a four-time NBA Most Valuable Player, also holds a player option for 2016-17 which would increase his contract to a maximum of $46.9 million spread over two years, CNBC said.
James, who led the injury-hit Cavaliers to last season's NBA Finals where they lost 4-2 to the Golden State Warriors, opted out of a two-year deal on June 29 to reach free agency though it was widely expected he would remain with Cleveland.