James' agent and CEO of Klutch Sports, Rich Paul, first told The Athletic's Shams Charania about the new contract, as well as confirming the agreement to multiple outlets on Wednesday.
The deal sees him remain a Laker until the end of the 2022-23 season, and opens up the possibility of playing in the NBA at the same time as his son, Bronny.
James' current deal had been set to expire at the end of the 2021-22 season.
