James, who turns 36 later this month, averaged 25.3 factors per recreation final season and led the NBA in assists with 10.2 per recreation.
This extension will take James by the 2022-23 season, giving him 20 seasons within the NBA.
James is now set to make $39.2 million in 2020-21, $41,180,544 in 2021-22 and $44,474,988 in 2022-23.
James was named the 2020 NBA Finals MVP after main the Lakers previous the Miami Heat in six video games. He turned the primary participant in NBA historical past to win the award with three completely different franchises, additionally successful the award with the Miami Warmth in 2012 and ’13 and Cleveland Cavaliers in 2016.
His oldest son, Bronny, is slated to graduate highschool in 2023.
ESPN’s Dave McMenamin and Bobby Marks contributed to this report.