Former Cleveland Cavaliers forward LeBron James has signed a four-year contract with the Los Angeles Lakers.

The biggest name in basketball is headed to Hollywood. Through a short news release issued by his agents at Klutch Sports, LeBron James announced on Sunday night that he would join the Los Angeles Lakers in free agency and sign a four-year, $154 million contract.

In what has become an every-four-years ritual for the three-time NBA champion, James has chosen to switch teams for the third time in his career, opting to leave his home-state Cleveland Cavaliers for a second time for one of the league’s glamour franchises.

James took to Instagram to say goodbye to Cavaliers fans, posting a picture of Cleveland’s championship parade in 2016 with the caption: “Thank you Northeast Ohio for an incredible 4 seasons. This will always be home.”

The deal includes a player option that will enable James to return to free agency after the third season of his new contract. James does not plan to hold a news conference to elaborate on the decision until later in the off season, according to a person with knowledge of his plans who was not authorised to discuss them publicly.