LeBron James to sign 3-year, $100 million deal with Cavs

LeBron James on Thursday announced that he will re-sign with the Cleveland Cavaliers in what will be a three-year, $100 million deal that will make him the highest-paid player in today's NBA for the first time in his career.

James reportedly has a player option for the third year.

The announcement was made when James joined ESPN's 'Uninterrupted' and announced the deal.

"I just want to let y'all know I'm re-signing back with the Cleveland Cavaliers, my hometown team," James said on Uninterrupted. "I can't be more excited than this opportunity once again, man, to defend our crown, defend our title. We all know last year as a magical, inspiring -- all the words you can come up with -- it was an unbelievable season. I just can't wait to get the group back together -- the team, the franchise, more importantly, get everybody together, the fans. Without you guys, without your passion and commitment, we wouldn't have been able to do what we did this past season. I'm ecstatic. I can't wait to see my guys. I can't wait to get back out there in the wine and gold and just get the band back together. Lastly, let's get J.R. (Smith) done. It's that time."

Smith is a free agent.

The deal will pay James $31 million in the first year and more than $33 million in the second year, which will top the $33 million that NBA great Michael Jordan earned with the Chicago Bulls in 1997-98.