His sports agency, Klutch Sports, made the announcement on Sunday evening.
James became a free agent on Friday by opting out of the final year of his contract with the Cleveland Cavaliers, with the Lakers rumored to be a contender to land him. Rather than staring down the barrel at James' free agency every summer, they can move forward with the knowledge they have him under contract through at least 2020-21, with a player option for 2021-22. The Sixers, meanwhile, were able to secure a meeting with LeBron's representatives in Los Angeles this afternoon.
James is a four-time NBA MVP and two-time Olympic gold medalist. This ended more than a year of rumors that LeBron would be headed to the Lakers, and the deal may kick off even more fireworks for the Lakers.
In his four years since returning to Cleveland, James averaged 26 points with 7.7 rebounds and 8.0 assists.
James, born in Akron and drafted No. 1 by the Cavs in 2003, is leaving the Cavs for the second time in eight seasons. James shocked the National Basketball Association world in 2010 when he left the Cavaliers for the Miami Heat, only to return to Cleveland in 2014 after winning two championships. George reportedly will re-up with his current Oklahoma Thunder home, while Paul re-signed with the Houston Rockets for a maximum deal. James once called the 27-year-old Cousins "the best big man in our game". He played in all 82 regular-season games and then somehow carried a team that underwent several transformations to a fourth straight conference title and matchup against the Warriors. Playing in one of the league's most desirable markets with plenty of cap space and valuable trade assets, James could be joined by other stars either this year or next.