All-Star forward LeBron James inked a three-year extension worth $60 million, tying him to the Cavaliers through the 2009-10 season, after which he becomes an unrestricted free agent.

"I knew all along and I had always said that I wanted to stay here in Cleveland, so it's a terrific day for me and my family to actually make it official," James said on the team's Web site.

"Now I can continue to concentrate on basketball and helping bring a championship to Cleveland."