NBA star LeBron James has signed a lifetime deal with sportswear giants Nike.

The Cleveland Cavaliers forward, who is a four-time MVP, is believed to have agreed the first ever lifetime deal that Nike has offered in its 44-year history.

According to ESPN, the agreement surpasses the 10-year $300m (£200m) deal that Oklahoma City Thunder star Kevin Durant signed with Nike last summer.

A statement from the company read: "We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders.

"We have already built a strong LeBron business over the past 12 years, and we see the potential for this to continue to grow throughout his playing career and beyond."

James told reporters: "I'm very humble, man. It's been an unbelievable time for myself and my family, and I'm just grateful that Nike and [Nike founder] Phil Knight and everyone over there just believed in a skinny-old, skinny 18-year-old kid from Akron, Ohio, and I'm happy to be a part of such a great company."

After spending four years with Miami Heat, James rejoined the Cavaliers in 2014.