LeBron James is making it official: He's coming back for a record-tying 22nd season in the NBA, one where the league's all-time scoring leader could share the floor with his son Bronny as teammates at the Los Angeles Lakers.

James has agreed to a two-year deal to remain with the Lakers, a person with knowledge of the negotiations said Wednesday. The second year of the deal is at James' option, and means he could become a free agent again next summer, said the person, who spoke to The Associated Press on condition of anonymity because the agreement has not been announced publicly.

ESPN reported that the Lakers and James' agent, Klutch Sports CEO Rich Paul, may agree on a salary slightly less than the maximum that James could have received — a move that could keep the team from reaching the second apron and preserve some roster flexibility going forward.

Either way, the expectation is that James will make around $50 million — give or take a little bit — this coming season, pushing his on-court career earnings to around $530 million and making him the first player in NBA history to eclipse the $500 million mark.

It will be James' 22nd season in the NBA, tying Vince Carter for the league record. The Lakers selected Bronny James last week in the second round of the draft, putting them in position to have the first on-court father-son duo in NBA history.

Bronny James has already signed his first NBA contract, the Lakers announced Wednesday. It is a four-year deal, the last of those years at the Lakers' option, worth $7.9 million — with about $1.2 million as his rookie year salary.

Getting his latest deal done clears one logistical hurdle for LeBron James: He needed a contract to be in place before he could take the floor with USA Basketball for the start of its training camp in Las Vegas this weekend, where the squad will start preparations for the Paris Olympics. James will play at the Olympics for a fourth time, his first since helping the United States win gold at the 2012 London Games.

As the oldest active player in the NBA, he averaged 25.7 points, 7.3 rebounds and 8.3 assists last season. He'll turn 40 in December.

Not only is James the all-time leader in points (40,474), but he's fourth in assists (11,009), sixth in games played (1,492) and eighth in both 3-pointers made (2,410) and steals (2,275).

His 20 All-Star selections is a record, as are his 20 appearances on the All-NBA team. He holds the records for being both the youngest player, and oldest player, to make an All-NBA squad.

James became the youngest when he was voted onto the team in the 2004-05 season.

This past season, he became the first player over the age of 39, in what became an All-NBA campaign.

Agencies via Xinhua