LeBron James officially signed his extension with the Cavaliers shortly after midnight on Wednesday morning.

James will be signed by the club through the 2009-2010 season and will also get an additional option year for the 2010-2011 season. The Cavaliers and LeBron will have the right to extend his new contract four more additional years (on top of the current contract extension) starting in the summer of 2009.

"This is a very special time for me and my family," said James in a statement. "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."