James Lebron 30-year-old forward, a four-time NBA Most Valuable Player, has penned down a contract worth$23m, per media reports in the US on Thursday.
With a player option for 2016-17 which would see his contract increased to a maximum of $46.9 m spread over two years, according to CNBC.
The 30year old forward, who led the injury-hit Cavaliers to last season's NBA Finals where they lost 4-2 to the Golden State Warriors, opted out of a two-year deal on June 29 to reach free agency.
Cleveland fans can now look forward to the return of their illustrious 'Big Three' with All-Star forward Kevin Love and point guard Kyrie Irving having both agreed to maximum contracts.
Love, who missed the NBA Finals after dislocating his shoulder, said on Thursday his deal was "inked andofficial" after he had sought the advice of James once free agency opened.
"LeBron happened to be in Los Angeles the same time I was and weagreed on a lot of things," Love said.
"I expressed this to LeBron; I can actually go wherever I want and pick the team I want to play for. Butevery time I went through the different scenarios I always came out at the same place; to be in Cleveland and try to win championships.
"I would be able to really help this team win and going forward make a very big impact on this team and on this city, trying to bring home a championship or championships."
James spent seven years with Cleveland until he joined Miami Heat in 2010, before re-joining the Cavaliers in 2014.