LOS ANGELES -- Bronny James agreed to a four-year, $7.9 million contract with the Lakers on Wednesday, a league source told ESPN, reaching the deal on the same day LeBron James agreed to an extension with the team and ensured the first father-son duo in NBA history will play for the purple and gold next season.

Bronny James' rookie deal begins at $1,157,143 in 2024-25 and progresses to $1,955,377 the following year, $2,296,271 in 2026-27 and $2,486,955 for a team option in 2027-28, sources told ESPN.

The 19-year-old guard averaged 4.8 points on 36.6% shooting (26.7% from 3), 2.8 rebounds and 2.1 assists in 19.3 minutes at USC after undergoing a heart procedure last summer. He said the nearly five-month layoff because of the medical issue affected his development.

Lakers vice president of basketball operations and general manager Rob Pelinka praised James' mindset and potential as a point-of-attack defender, and new Lakers coach JJ Redick said James, whom Los Angeles selected with the No. 55 pick last week, will be a top priority with the team's revamped player development program.

"We view Bronny as [a] Case Study One because [of] his base level of feel, athleticism, point-of-attack defender, shooting, passing," Redick said. "There's a lot to like about his game, and as we build out our player development program holistically, he's going to have a great opportunity to become an excellent NBA player."

James and the Lakers' No. 17 pick, Dalton Knecht, will make their summer league debuts Saturday in San Francisco against the Sacramento Kings in the California Classic.

James' signing brings the Lakers' roster to 15, the maximum number of players an NBA team can carry.