US sporting goods giant, Nike, has signed basketball maestro and Cleverland Cavaliers forward, Lebron James to a lifetime deal. The company described the move as the largest single athlete deal in its history.

According to an AFP report, Nike confirmed the agreement -- believed to be the first lifetime deal in the company's 44-year history in a brief statement.

The company said: "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."

No figures for the deal were available but a source familiar with the terms told ESPN it easily eclipsed the $300 million (277 million euros), 10-year deal Nike signed with Oklahoma City Thunder forward Kevin Durant.

Nike has a longstanding partnership with Michael Jordan but has never announced a lifetime deal before. Sales of Nike's Air Jordan brand have exceeded $2.2 billion in sales since 1985.

Nike, which signed James to a lucrative seven-year $90 million deal in 2003, has made 13 versions of LeBron's signature shoe, with annual sales expected to pass $400 million for 2015.

According to Forbes.com, James is the sixth highest earning athlete in the world, raking in annual earnings of $64.8 million according to a list issued in June. The Cleveland Cavaliers star's net worth is estimated at around $300 million.

*Photo shows Lebron James in action.