LeBron James has agreed to a contract extension with the Lakers, agent Rich Paul of Klutch Sports tells Adrian Wojnarowski of ESPN.

It’ll be a new two-year, maximum-salary deal that includes a second-year player option, per Wojnarowski. That means James is now under contract with the Lakers through at least the 2023/24 season, with an option on ’24/25. The agreement also includes a 15% trade kicker, Woj adds.

James is earning $44,474,988 in 2022/23, which exceeds the standard maximum of $43,279,250 for a player with 10-plus years of NBA experience. Because he’s still eligible for a 5% raise on a new extension, his 2023/24 salary figures to be $46,698,737. His ’24/25 player option will be worth $50,434,636, an 8% raise on the first year of his extension, for a total two-year value of $97,133,373.