LeBron James and the Cleveland Cavaliers have been in ongoing conversations for a contract extension, according to Cavs GM Danny Ferry on Tuesday.
The Cavaliers are believed to have offered James an extension of up to three years on July 18, the first day they were allowed. James has an option for the 2010-11 season, and has until June 30, 2010, to extend the deal or pick up his option.
James can become an unrestricted free agent next summer. The New York Knicks have been rumored to be the frontrunner if James departs from the Cavs, along with the New Jersey Nets due partially to James’ relationship with part-owner Jay-Z.
The Cavaliers have had a busy offseason acquiring help for James. Cleveland traded for All-Star center Shaquille O'Neal and signed free agents Anthony Parker and Jamario Moon, who will back up James and give the Cavs some much needed frontcourt versatility.
Rose did not immediately return messages seeking comment, according to Associated Press.
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