LeBron James has agreed to a two-year, $104 million maximum contract to return to the Los Angeles Lakers, sources told ESPN's Adrian Wojnarowski on Wednesday.

The deal includes a player option for the 2025-26 season and a no-trade clause, sources said.

James' return to Los Angeles will give him the chance to play with his son Bronny, whom the Lakers drafted in the second round last week. It would be the first time a father-son duo has played in the NBA at the same time in league history.

Last week, James had opted out of the final year of his contract with the Lakers, worth $51.4 million, for the 2024-25 season. His agent, Rich Paul of Klutch Sports, had said James was "prioritizing a roster improvement" as they looked to reach a new deal.

Paul had said James would be willing to work with the Lakers to sign a deal below the maximum three-year, $162 million he was eligible for. A source told Wojnarowski that there is still a conversation between Paul and the Lakers on James taking around $1 million below the max to keep the team below the second apron and allow more roster-building flexibility.

James, who will turn 40 on Dec. 30, is universally considered to be on the short list of the greatest players to ever set foot on a basketball court. The only player to eclipse 40,000 points scored in NBA history, he is fourth all time in assists, eighth in steals, eighth in 3-pointers made and third in free throws made.

Last season, James became the first player to make 20 All-Star teams, passing Kareem Abdul-Jabbar -- whom he had already passed for the all-time scoring mark -- for the most in NBA history. James' 20 All-NBA selections and 13 first-team All-NBA selections are also the most in the history of the sport.

He also is the NBA's all-time leader in postseason points scored and is in the top 10 in rebounds (fourth), assists (second), steals (first), blocks (10th), 3-pointers made (third) and free throws made (first).

The four-time champion, who led the Lakers to their 17th title in 2020 in the NBA's bubble, averaged 25.7 points, 8.3 assists and 7.3 rebounds per game last season in his age-39 campaign. James, Nikola Jokic and Luka Doncic were the only three players to average at least 25, 8 and 7 in the NBA last season.

The Lakers, though, were unable to get past the first round for the fourth time in his six seasons in Los Angeles. Before joining the Lakers, James reached the NBA Finals eight consecutive years with the Miami Heat and Cleveland Cavaliers and won at least a single playoff series in 13 consecutive seasons.

James will play his 22nd season in 2024-25 and will match Vince Carter for the most NBA seasons played all time.

ESPN's Dave McMenamin and Tim Bontemps contributed to this report.