LeBron James has signed a lifetime contract with Nike believed to be the largest single-athlete guarantee in company history.

"We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders," Nike said in a statement. "We have already built a strong LeBron business over the past 12 years, and we see the potential for this to continue to grow throughout his playing career and beyond."

The deal is believed to easily surpass Kevin Durant's 10-year, $300 million deal with Nike signed last summer.

"LeBron and I have been in love and obsessed with Nike since we were kids," Maverick Carter, James' business partner, said Monday. "Having built a totally innovative global business with them has truly been a dream come true. We are so excited to be taking the business to an entirely new level. For LeBron, he's thrilled to know he's a Nike guy for life."

Nike has never announced a lifetime deal before.