Sports apparel brand, Nike, has acquired Cleveland Cavaliers star, LeBron James, as a brand ambassador for life as the NBA star reportedly inked a lifetime contract with the company.

ESPN reported that a source familiar with the negotiations between the two camps confirmed that the deal is "the largest single-athlete guarantee in company history," though numbers in the agreement were not revealed.

In a statement quoted by the same report, Nike confirmed the news saying that the agreement will bring great value to their business.

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

It added that the company has already built a strong business link with the Cavs star for the 12 years that he has been with the company.

"We see the potential for this to continue to grow throughout his playing career and beyond," the company added.

According to Huffington Post, James signed his initial $90-million deal with Nike in 2003 when he just graduated from high school.

An ESPN source revealed that James' lifetime deal with Nike "surpasses" the 10-year $300 million deal that Oklahoma City Thunder star, Kevin Durant, signed with the brand last summer.

"It looks like this new lucrative apparel deal continues to grow James' legacy, as well as his pockets," added Huffington Post.

CNBC said that aside from James and Durant, other high-profile endorsement deals in the NBA included Golden State Warriors star player, Stephen Curry's extended deal Under Armour until 2024.

With growing competition from rising brands, the same report said that Nike maintains its competitiveness, although it noted that the brand's shares rose by one percent on Monday. This is a sign that the popular brand has remained on top of sports apparel brands in the world.

In addition, Forbes said that the payment agreement for the deal could include a schedule of the amount that the Cavs player will receive annually. His roles as brand ambassador for life are also expected to be clearly explained to him.

"It is likely that James will receive royalties based on sales of his sneakers in addition to the base compensation that reportedly blows Durant's deal out of the water," the same report noted.

The Nike deal is not the sole endorsement of James, as ESPN said that he has already evolved into a businessman during his basketball career. He has an equity stake with Apple's audio products producer, Beats, and territorial rights on a customizable pizza chain in Chicago and Miami.