Lebron James Considers Signing an extension with the Cavaliers

Before the team practice in Denver last Friday, Lebron James told reporters that he will consider signing an extension with the Cavaliers this summer(2009) and not wait until the 2010 season.

“You play out the season of course; I will consider it,” James said. “The direction we are headed is everything I expected and more.”

“I definitely want to keep an open mind, I will look at everything,” James said. “(The extension) is a good point. I think me and my group have pretty much made good decisions so far and we’ll look at the options and go from there.”

James signed a three-year, $43 million deal with the Cavaliers in 2006. The deal includes a player option for 2010-11 worth $17.4 million.

James was even joking this weekend with his teammates about his future. Especially Zydrunas Ilgauskas, who just took over the franchise rebounding mark. But maybe not long-term, James hinted.

“By the time I get done,” James said. “I’m going to hold all the records.”

Lebron’s Nike deal also ends in 2010. Many have assumed he’ll negotiate that new deal at about the same time according to the Plain Dealer.

“James has a three-year extension clause in the Nike deal he can activate if he so chooses. His yearly salary with Nike could actually be higher now than what he could get with a new deal, especially considering the state of the economy and the general downturn in athlete endorsements.

In addition there is no clause in James’ Nike contract that will pay him more if he plays in a major market like New York or Los Angeles, another fact that has been misreported at times. When James first signed with Nike, there were some incentives for being in New York, Chicago or L.A. but those have since expired.

There is still a good chance James will do a brand new deal with Nike.”