LeBron James has affirmed his commitment to try to win a first NBA championship for Cleveland by officially re-signing an unspecified deal.
Though the club did not disclose contract terms, multiple media reports have said James, twice an NBA champion with the Miami Heat, will return on a one-year deal that holds a player option for 2016-17.
The deal would be worth a maximum of $46.9 million over two years.
"LeBron's re-signing today is a reflection and continuation of his strong, personal commitment to help deliver championships to Northeast Ohio and Cavs fans everywhere," Cavaliers general manager David Griffin said in a statement.
"We share this deep level of commitment with him. His impact upon this team, his community and the game are impossible to overstate and we look forward to continuing on our mission together."
James, in his first year back in Cleveland, led the injury-hit Cavaliers to the NBA Finals where they lost 4-2 to the Golden State Warriors.
He opted out of a two-year deal on June 29 to reach free agency though it was widely believed that he would remain in his home state.
Cleveland fans can now look forward to the return of their 'Big Three' with All-Star forward Kevin Love and point guard Kyrie Irving having both agreed to maximum contracts.
The Cavaliers, who clinched the Eastern Conference title in 2007 and again this year, have yet to win an NBA championship.
James, 30, a four-time NBA Most Valuable Player and 11-time NBA All-Star, appeared in 69 regular season games for the Cavaliers last season while averaging 25.3 points, 6.0 rebounds and 7.4 assists per game.
It was his 11th season in a row with an average of at least 25.0 points per game, tying him with Karl Malone (1987-88 to 1997-98) and Jerry West (1961-62 to 1971-72).