LeBron James will spend at least one more season with the Los Angeles Lakers, where he'll be able to play alongside his son, after reportedly agreeing to a new contract on Wednesday.

ESPN reports James will sign a two-year, $104 million deal that includes a player option for the 2025-26 season as well as a no-trade clause.

The agreement allows the Lakers to have the first father-son pair of teammates in NBA history after the team selected Bronny James Jr. in the second round of last week's draft.

LeBron James, who turns 40 in December, will be entering his 22nd NBA season and seventh with the Lakers, and remains among the league's elite players even at his advanced age. The NBA's all-time leading scorer averaged 25.7 points, 7.3 rebounds and 8.3 assists in 71 games last season despite playing through a lingering left ankle injury for much of the campaign.

James was one of only three players, along with NBA MVP Luka Dončić and Denver Nuggets star center Nikola Jokić, to average at least 25 points, seven rebounds and eight assists per game in 2023-24. 

The four-time MVP and NBA champion also achieved a pair of unprecedented feats last season, as he became the first player in league history to be named to 20 All-Star teams as well as the first to reach 40,000 career points. 

James won his fourth career NBA title by leading the Lakers to a championship during the COVID 19-affected 2019-20 season, and helped the club to a surprise run to the 2023 Western Conference finals. The Lakers were eliminated in the first round of this year's play-offs, however, after losing to the Nuggets in five games.

The Lakers took Bronny James with the 55th overall pick after he spent one season at the University of Southern California. The younger James suffered a frightening cardiac arrest during a practice session last summer, but was later medically cleared following a surgical procedure and appeared in 25 games for the Trojans.