LeBron James announces he will re-sign with Cavaliers

Posted at 5:29 PM, Aug 11, 2016

LeBron James posted a video Thursday, announcing he will be returning to the Cleveland Cavaliers.

James, in the Uninterrupted video, says he could not be more excited about the opportunity to "defend our crown, defend our title." 

"We all know last year was a magical, inspiring ... all the words you can come up with ... man, it was an unbelievable season," James said. "I just can't wait to get the group back together." 

James said he's looking forward to "getting the band back together" and said to get J.R. Smith's deal done next.

ESPN reports James will sign the contract some time next week.

The star small forward hit the free-agency market this summer, but he made his intentions clear that he wanted stay in Cleveland. ESPN reports James signed a three year deal for $100 million. He is expected to earn $31 million in the first year, making him the highest-paid NBA player, according to the sports website.

The 31-year-old superstar has been a free agent the past three summers, electing each time to sign two-year contracts with a player option for the second season. Before a massive celebration parade this summer, James told reporters he's coming back to try for a repeat title. Later, he told the crowd at a rally honoring the Cavs, "Let's get ready for next year."

Appearing in his sixth straight finals, James was a unanimous choice for MVP after leading the Cavs to three straight wins to stun the favored Golden State Warriors, who won a record 73 games during the regular season.

The three-time champion averaged 29.7 points, 11.3 rebounds and 8.9 assists in the series and posted a triple-double in Game 7. His biggest play came on defense when he chased down Warriors forward Andre Iguodala and blocked his shot in the final minutes of the last game.

James is in his second stint with the Cavs after leaving as a free agent in 2010 for Miami.