LeBron James agrees to two-year, $97.1 million extension with Lakers, per reports

LeBron James is committing to the Los Angeles Lakers.

The 37-year-old superstar and the Lakers agreed to a two-year, $97.1 million contract extension heading into his 20th season in the NBA, Klutch Sports CEO Rich Paul told ESPN on Wednesday.

According to ESPN, James' extension includes a player option for the 2024-2025 season — which would be his 22nd — in addition to a 15% trade kicker.

James was due to enter the final year of his contract this upcoming season, where he's set to make $44.5 million. His salary for 2023-24 starts at $46.7 million.

With the deal, James, who became the first active NBA player to become a billionaire in June, has surpassed Brooklyn Nets star Kevin Durant as the highest-earning player in NBA history with $532 million in guaranteed money.

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The contract extension comes off the heels of a disappointing season for the Lakers, who failed to advance to the playoffs or even play-in contention. Despite missing the postseason, James averaged 30.3 points, 8.2 rebounds and 6.2 assists.

James turns 38 in December.

This article originally appeared on USA TODAY: LeBron James, Lakes agree to 2-year deal, keeping star in Los Angeles