The contract includes an extension option for another year through the 2024-25 season, his agent Rich Paul said.
James, who had been entering the final season of his current deal worth $44.5 million, turns 38 in December and is therefore limited to signing a two-year extension as he will be 38 or older when the deal expires.
The extension will make the four-times NBA champion and MVP the highest-earning player in NBA history with $532 million in career guaranteed money, overtaking Brooklyn Nets forward Kevin Durant.
In February, James pushed back on speculation that he was looking to move on from the underperforming Lakers, saying he intended to stay with the team for as long as he can play.
The Lakers missed the playoffs in 2022, despite James averaging 30.3 points, 8.2 rebounds and 6.2 assists. Injuries limited him to 56 games.
