OAKLAND, CA - JUNE 19: LeBron James #23 of the Cleveland Cavaliers reacts after defeating the Golden State Warriors 93-89 in Game 7 of the 2016 NBA Finals at ORACLE Arena on June 19, 2016 in Oakland, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Thearon W. Henderson/Getty Images)

NBA star LeBron James has signed a three-year contract extension with the Cavaliers.

James' new deal is believed to be worth around $US100 million ($AUS129.85 million), making him the NBA's highest paid player this coming season.

“I can’t be more excited than this opportunity once again, man, to defend our crown, defend our title,” James said.

“We all know last year as a magical, inspiring – all the words you can come up with – it was an unbelievable season.

“I just can’t wait to get the group back together – the team, the franchise, more importantly, get everybody together, the fans.”

ESPN reports that James' first season will earn him $US31 million ($A40.25 million), before his salary is increased to more than $US33 million ($A42.85 million) in the second year of his contract.