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 with the Los Angeles Lakers.

James has agreed to a two-year contract 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 had 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 max that James could have gotten — a move that could keep the team from reaching the second apron and preserve some roster flexibility going forward.

Related Story: Bronny James Selected by Lakers With 55th Pick in NBA Draft

James’ Expected Earnings and Potential Historic Moment

Either way, the expectation is that James will make around $50 million — give or take a little bit — this coming season, pushing his career on-court 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.

Clearing the Way for the Olympics

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

He’ll turn 40 in December and averaged 25.7 points, 7.3 rebounds and 8.3 assists last season — as the oldest active player in the league.

James’ Record-Breaking Career

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 to make All-NBA when he was voted onto the team for the 2004-05 season. This past season, he became the first player to be age 39 or older in what became an All-NBA campaign.

Kareem Abdul-Jabbar and Tim Duncan were both just a few days from turning 39 when the regular seasons ended in what became their final All-NBA campaigns, Abdul-Jabbar’s being 1985-86 and Duncan’s being 2014-15. James played in 71 games this past season, the last 42 of those coming after he turned 39.