* James will become free agent as son graduates high school * Players set to be allowed to join league without college careerLeBron James, who led the Los Angeles Lakers to their first NBA title in a decade earlier this year, has agreed a two-year contract extension worth $88m, opening the possibility of him playing in the league at the same time as his son.James’s agent, Rich Paul, confirmed the agreement to multiple outlets on Wednesday. James’s contract with the Lakers had been due to expire at the end of the 2021-22 season but the new deal gives him a slight raise to $41m in that season before he earns $44.5m in 2022-23. He will then become a free agent at the age of 38 in 2023, the same year as his eldest son, Bronny, graduates high school. NBA commissioner Adam Silver has said high school players will be able to go straight to the league in the near future, rather than playing in college, and Bronny is considered an elite talent.James was named the MVP of this year’s NBA finals and also became the first player to win the title with three different teams. The 16-time All Star has also won championships with the Miami Heat and his hometown team, the Cleveland Cavaliers.The contract extension, once it is made official, will guarantee James career earnings of $429m.