James also has a player option for a second-year if he chooses, which he'll likely opt out of to make more money when the new NBA TV deal and salary cap rises for next year's free agency period.
James is scheduled to make over $23 million in the 2015-16 NBA season.
"LeBron James had agreed to re-sign with the Cavs for one-year at $23 million plus a player option, sources told ESPN," reports Brian Windhorst of ESPN. "LeBron James had agreed to re-sign with the Cavs for one-year at $23 million plus a player option, sources told ESPN."
James led the Cavs to the NBA Finals in his first season back with the team last year. Expect him to be back next year if all goes as planned.
By Josh Dhani
