The Cleveland Plain Dealer (Brian Windhorst) reports: At 12:01 a.m. Saturday, the Cavaliers were able to offer LeBron James a contract extension because July 18 is the three-year anniversary of when he signed his most recent contract. It is believed the team will initiate contact soon to formally present an offer, which can be an extension of up to three years and around $65 million. James still has an option in his contract for the 2010-11 season, and the Cavs could offer three years on top of that.

InsideHoops.com editor says: It is widely assumed that LeBron will not sign an extension at this time and wait for 2010 NBA free agency.