LeBron James has agreed contract extension with Los Angeles Lakers: Reports

With his son Bronny as a teammate, LeBron James has declared that he will play for the Los Angeles Lakers in what would be his record-tying 22nd NBA season. As per a source acquainted with the negotiations, James has consented to a two-year contract extension with the Lakers. The second year of the contract is at James' option, which means he could become a free agent again next summer, according to reports the condition of anonymity because the agreement had not yet been made public.

According to reports, the Lakers and James' agency, Klutch Sports CEO Rich Paul, may settle on a contract somewhat lower than the maximum James could have received - a move that might keep the franchise from reaching the second apron and maintain some roster flexibility in the future.

In any case, LeBron James is expected to earn roughly $50 million this season — give or take a little bit — bringing his career on-court earnings to around $530 million and making him the first player in NBA history to surpass the $500 million mark. 

James will enter his 22nd season in the NBA, tying Vince Carter for the league record. Last week, the Lakers picked Bronny James in the second round of the draft, putting them on track to become the first on-court father-son tandem in NBA history.

Bronny James has already signed his first NBA deal, the Lakers revealed on Wednesday. It is a four-year contract for $7.9 million, with the last year at the Lakers' option, and includes a rookie year salary of around $1.2 million.

Personal achievement of LeBron James

He is the oldest player still playing in the league, who turns 40 in December. He averaged 25.7 points, 7.3 rebounds, and 8.3 assists last season.  In addition to having the most points (40,474) in history, James is fourth in assists (11,009), sixth in games played (1,492), and eighth in steals (2,275) and 3-pointers made (2,410). Both his 20 All-Star choices and his 20 All-NBA team appearances set records. He is the oldest player to be selected to an All-NBA team and the youngest player to do so.

When James was selected for the 2004–05 All-NBA team, he became the youngest player to do so. He became the first player in the history of the All-NBA campaign to be 39 years of age or older this past season. Tim Duncan and Kareem Abdul-Jabbar were just a few days away from turning 39 as their respective regular seasons concluded, culminating in their All-NBA campaigns (Duncan's in 2014–15, Abdul-Jabbar's in 1985–86). This past season, James participated in 71 games; the final 42 came after he turned 39.