Lebron James agrees to extension with Cavaliers

LeBron James won’t be leaving home anytime soon.

Cleveland?s All-Star forward agreed Saturday to sign a contract extension of up to five years and worth as much as $80 million with the Cavaliers, a huge relief for the rising team and its fretting fans who worried he might be planning an escape.

James, who in three seasons as a pro has turned the Cavaliers from doormats into NBA title contenders, will sign the deal after the league?s moratorium ends on Wednesday, said his agent Leon Rose.

?I am very excited and happy to be re-signing with the Cavaliers. Staying in Cleveland … provides me with the unique opportunity to continue to play in front of my family, friends and fans,? James said in a statement released by his publicist. ?I look forward to working toward bringing a championship to our great fans and the city of Cleveland.?

Unlike some of his fellow 2003 draft classmates, James waited one week after the team made the offer before announcing his intention to take the deal. The delay since July 1 had Cleveland fans, who have been burned by broken promises before, fearing the worst.

But as he has always done, the 21-year-old from nearby Akron came through in the clutch.

Ever the showman, James let the drama build before agreeing to a deal that will start after the 2007 season and could run through 2011-12.

James will make $5.8 million next season, the final year on his rookie contract. The exact amount of James? extension won?t be known until later this summer when the league determines the salary cap for next season.