At 12.01am on Saturday morning, the team contacted All-Star forward LeBron James to offer him a bumper contract extension worth $80 million over five years, according to a report in the Cleveland Plain Dealer.

Saturday was the first day the team could negotiate with James, and July 12 is the first day players can sign.

James, who is the on the Team USA provisional roster for the FIBA World Championship, is an Ohio native and has said he wants to remain with the Cavaliers.

Cleveland, who drafted James out of high school three years ago, have exclusive negotiating rights with James this summer.

However, if James declines the offer, he would become a restricted free agent next summer and an unrestricted free agent in 2008.

Article courtesy of www.fiba.com