Chris Broussard of ESPN.com has reported that James will earn $22.97 million in the first season of his contract and $24 million in the second year, which includes a player option.
Agent Rich Paul tells Cavs today LeBron will sign 2 yr deal with player option for 2nd year. $22.97 million 1st season, $24 mill 2nd year
— Chris Broussard (@Chris_Broussard) July 9, 2015
James, who opted out of his contract earlier in the offseason, was expected to re-sign so he could earn an extra $1.4 million.
James averaged 25.3 points, 7.4 assists, and 6.0 rebounds last season and is widely expected to finish his career in a Cavalier uniform.