James' representatives at Klutch Sports Group tweeted a picture of him signing his new contract alongside his agent, Rich Paul, and Lakers general manager Rob Pelinka.
The four-time MVP victor has played in the past eight NBA Finals with the Heat and the Cavs, winning three titles during that period.
"Today is a great day for the Lakers organization and Lakers fans all over the world to welcome LeBron James, a three-time NBA Champion and four-time NBA MVP", Johnson said.
James, 33, has averaged 27.2 points, 7.4 rebounds and 7.2 assists per game in 1,143 career contests.
James is coming off one of his greatest National Basketball Association seasons, playing in all 82 regular-season games for the Cavaliers while finishing third in the National Basketball Association with 27.5 points per game and hitting career highs with 8.6 rebounds and 9.1 assists.
As we've seen multiple times now, changing teams doesn't have a huge impact on LeBron James' individual fantasy value. but how does it change the value of the team that he left behind?
They are thrilled at signing the four-time NBA MVP and the man they called the best in the sport.
And we, happily, all know how that turned out.
The Akron, Ohio, native has been named an NBA All-Star in each of the last 14 seasons, earning First Team All-NBA honors on 12 occasions, including the last 11 consecutive seasons. The game proved to be James's final appearance for the Cavs as he signed a four-year deal with the Lakers this month.