The new contract brings the 37-year-old to $532 million in guaranteed career earnings, making him the highest paid player by salary in league history, surpassing Brooklyn Nets star Kevin Durant.
The deal includes a player option for the 2024/25 season, meaning James can opt out of the final year of the contract if he no longer wants to stay with the team.
CNN contacted the Lakers to confirm the new contract.
The new season kicks off Oct. 18, and if he avoids injury, James should be on track to overtake Kareem Abdul-Jabbar as the NBA’s all-time leading scorer.
James averaged 30.3 points per game in 56 appearances last season despite the Lakers missing the playoffs in a tough season.
But the franchise now has salary cap flexibility to add another max-contract player to the squad, potentially bolstering the star roster that already includes James, Russell Westbrook and Anthony Davis.
