LeBron James to sign 2-year, $47M deal with Cavs

LeBron James and Cleveland Cavaliers agreed to a one-year, $23 million contract for next season with a player's option for 2016-17 worth $24 million, multiple sources confirmed.

Though players can now sign free agent contracts, James hasn't actually signed his, according to a source. But he has notified the team he is indeed coming back, and a second source said he would sign "as soon as they are able to print the contract."

James' intention was always to return and he wants contract flexibility so he can maximize his earning potential after the NBA's nine-year, $24 billion TV deal explodes league revenues starting next summer.