LeBron agrees to 4-year, $154 million contract with Lakers

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One of the first Lakers to talk to James following the announcement was none other than legend Kobe Bryant, who told CBS2's Jim Hill his relationship to James is more like an older brother rather than a rival.

But despite claiming the Eastern Conference crown for a fourth straight year, James was given a blunt reminder of how far short the Cavs are of a championship caliber team when they were swept 4-0 by the Warriors in the Finals.

From going to the Miami Heat in 2010 to returning to the Cleveland Cavaliers four years later, James has been laser-focused on trying to secure more championships, doing everything he can to run down Michael Jordan as the greatest player basketball has ever seen. James might end up being the only top free agent to sign in Los Angeles this summer (no offense, Lance Stephenson and JaVale McGee) but next summer should be a big one for Magic Johnson and Co., too.

LeBron James's net worth is believed to be about $400 million (£286 million), though his new contract with Los Angeles Lakers will likely boost that significantly.

The four-time National Basketball Association most value player informed the Cleveland Cavaliers on Friday that he was not exercising his $35.6m (£26.8m) option and was becoming a free agent. He added that Northeast Ohio "will always be home".

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James signed with the Lakers just hours after opting out of the final year of his contract with the Cavaliers.

Many decided his reason to leave Cleveland Cavaliers was down to a massive mistake made in the NBA Finals by former teammate JR Smith. Last week, he became a free agent after declining a $35.6 million contract option from the Cleveland Cavaliers for next season, according to ESPN. The Lakers will have room under the salary cap to sign another max salary player next year.

Wojnarowski added that disgruntled San Antonio Spurs star Kawhi Leonard is still set on also donning the iconic purple and gold colors.

Only the two-time defending champion Golden State Warriors have better championship odds than the Lakers at the Westgate.

- Last season marked the 14th time James was named to an All-NBA team, and the 12th time he was named First Team All-NBA.