James reportedly agrees to extension with Cavs

James agreed to a five-year contract extension worth about $80 million on Saturday, according to the Cleveland Plain Dealer, with the deal becoming official on July 12.

The Cavaliers didn’t confirm the signing, but general manager Danny Ferry said the club continues to work on a deal with James’ agent, Leon Rose.

"We are very happy to hear LeBron’s recent statements regarding his desire to help work toward bringing a Cavaliers championship to Cleveland and our fans," Ferry said. "We plan to sit down next week with Leon Rose to agree on terms of an extension."

The star guard has turned the Cavaliers around on the floor and in the eyes of NBA fans everywhere during his three NBA seasons.

However, many in and out of the organization were concerned with James’ silence after being offered the extension last week.

Unlike his talented NBA compatriots, Denver’s Carmelo Anthony and Miami’s Dwyane Wade, James waited before agreeing to the extension. The deal will reportedly begin after the 2007 season and run through 2012-13.

James averaged a career-best 31.4 points, seven rebounds and 6.6 assists for the Cavaliers last season while leading the club into the second round of the Eastern Conference playoffs.

In his brief career, James has recorded 26.5 points, 6.6 rebounds and 6.6 assists per contest, while becoming the youngest player to win Rookie of the Year following the 2003-04 campaign.