LeBron James has announced that he will return to the NBA for a record-tying 22nd season, where he will play with his son Bronny as teammates for the Los Angeles Lakers.

James has agreed to a two-year contract extension with the Lakers, according to a source familiar with the negotiations. The second year of the contract is at James’ option, which means he could become a free agent again next summer, according to the person, who spoke to The Associated Press on the condition of anonymity because the agreement had not yet been made public.

According to ESPN, the Lakers and James’ agent, Klutch Sports CEO Rich Paul, may reach an agreement on a salary somewhat lower than James’ maximum – a move that might keep the franchise from reaching the second apron and maintain some roster flexibility in the future.

In any case, James is expected to earn roughly $50 million this season — give or take a little bit — bringing his career on-court earnings to around $530 million and making him the first player in NBA history to surpass the $500 million mark.

James will enter his 22nd season in the NBA, tying Vince Carter for the league record. Last week, the Lakers selected Bronny James in the second round of the draft, putting them on track to become the first on-court father-son tandem in NBA history.

Getting the deal done removes one logistical hurdle: LeBron James needs a new contract in place before taking the court with USA Basketball for the start of its training camp in Las Vegas this weekend, where the squad will begin preparations for the Paris Olympics. James will compete in the Olympics for the fourth time, the first since he helped the United States win gold in the 2012 London Games.

He turns 40 in December and averaged 25.7 points, 7.3 rebounds, and 8.3 assists last season, becoming him the league’s oldest active player.

Article content.Not only is James the all-time leader in points (40,474), but he also ranks fourth in assists (11,009), sixth in games played (1,492), and eighth in both 3-pointers made (2,410) and steals (2,275).

His 20 All-Star selections and 20 appearances on the All-NBA squad are also records. He has the record for being the youngest and oldest player to make an All-NBA team.

James became the NBA’s youngest All-Star when he was named to the team for the 2004-05 season. This past season, he became the first player above the age of 39 to be named All-NBA.

Kareem Abdul-Jabbar and Tim Duncan were both just a few days away from turning 39 when their final All-NBA seasons, 1985-86 for Abdul-Jabbar and 2014-15 for Duncan, concluded. This past season, James appeared in 71 games, the last 42 of which came after he turned 39.