LeBron James' new contract with the Cleveland Cavaliers will hit nine figures.Multiple media outlets reported Thursday that James agreed to a three-year, $100 million deal with the NBA champion Cavs.The new contract will make James the highest-paid player in the league in 2016-17 at $31 million, according to multiple reports. The superstar forward's 2017-18 salary will be more than $33 million, which would be a single-season NBA record, ESPN reported. The previous mark was the $33 million that Michael Jordan received in 1997-98 from the Chicago Bulls.The third season is reportedly a player option.James was a free agent, though he previously assured the Cavaliers that he would return.James announced on a video posted on his social-media site, Uninterrupted, "I just want to let y'all know I'm re-signing back with the Cleveland Cavaliers, my hometown team. I can't be more excited than this opportunity once again, man, to defend our crown, defend our title. We all know last year was 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."Without you guys, without your passion and commitment, we wouldn't have been able to do what we did this past season. I'm ecstatic. I can't wait to see my guys. I can't wait to get back out there in the wine and gold and just get the band back together. Lastly, let's get J.R. (Smith) done. It's that time."Smith, a free agent, started 77 games for the Cavaliers last season.James is expected to sign the contract next week at a charity event in Sandusky, Ohio, benefiting the LeBron James Family Foundation.James, 31, returned to Cleveland from the Miami Heat ahead of the 2014-15 season, and he guided the Cavs to the NBA Finals in both seasons since his return. Cleveland lost to the Golden State Warriors in the 2015 Finals before beating the Warriors in a rematch this year for the first championship in franchise history.In each of the past six seasons, James guided his team to the Finals, and he has three championship rings.James averaged 25.3 points, 7.4 rebounds and 6.8 assists in 76 games last season. In the postseason, his averages improved to 26.3, 9.5 and 7.6.A 12-time All-Star, James is a four-time regular-season MVP and a three-time NBA Finals MVP.