Forward LeBron James has signed a new three-year contract extension with the Cleveland Cavaliers.

James, who had a year left to run on his current deal, will remain at Cleveland until at least 2010.

The deal, which is reported to be worth about $60m, includes an option that would allow the 21-year-old to extend the contract by one season.

James told the club's website: "This is a very special time for me and my family. I signed this extension for several reasons.

"First, it has been tremendous being close to my family and friends and playing with my Cavalier teammates. I'm extremely happy here and believe in my teammates, the coaches, and our management staff.

"I appreciate the support and dedication the Cavaliers and Dan Gilbert have shown towards building a championship organization and the loyalty they have shown with this contract.

"It has also been extremely gratifying to give back to my community and I look forward to continuing to do so on and off the basketball court."

James was the number one pick in the 2003 NBA Draft and last season led the Cavaliers into the playoffs for the first time in eight years.

He has a career average of 26.5 points, 6.6 assists and 6.6 rebounds per game.