(REUTERS) - LeBron James affirmed his commitment to try to win a first NBA championship for Cleveland by officially re-signing an unspecified deal, the Cavaliers said on Friday.
Though the club did not disclose contract terms, multiple media reports have said James, twice an NBA champion with the Miami Heat, will return on a one-year deal that holds a player option for 2016-17.
The deal would be worth a maximum of US$46.9 million (S$63 million) over two years.
"LeBron's re-signing today is a reflection and continuation of his strong, personal commitment to help deliver championships to north-east Ohio and Cavs fans everywhere," Cavaliers general manager David Griffin said.
"His impact upon this team, his community and the game are impossible to overstate and we look forward to continuing on our mission together."
James, in his first year back in Cleveland, led the injury-hit Cavaliers to the NBA Finals where they lost 4-2 to the Golden State Warriors.
He opted out of a two-year deal on June 29 to reach free agency though it was widely believed that he would remain in his home state.
Cleveland fans can now look forward to the return of their "Big Three" with All-Star forward Kevin Love and point guard Kyrie Irving having both agreed to maximum contracts.