The NBA star, one of the most coveted free agents in years, just signed a staggering $154 million (£117.1 million) deal over four years to play for the Los Angeles, California-based team. Despite reaching the NBA Finals in each of the last four years, Cleveland's odds of winning the title plummeted from 25/1 to 500/1 after LeBron announced his departure.
Can the Lakers beat the Golden State Warriors?
Cleveland Cavaliers GM Koby Altman also spoke to both James and Paul in a phone call right after free agency opened at 12:01 a.m., according to the network.
James, 33, is a four-time NBA Most Valuable Player and arguably the league's most dominant player. However, with James signing, they will once again be a playoff team, and depending on the development of their young core, could be a threat in the Western Conference.
Many have already wondered what the NBA Finals might look like without James taking on the Warriors every year.
The four-time National Basketball Association most value player informed the Cleveland Cavaliers on Friday that he was not exercising his $35.6m (£26.8m) option and was becoming a free agent. Using the stretch provision on Luol Deng's contract-Deng is owed almost $37 million over the next two years-would also give the Lakers more money to spend. "If they get anyone other than Kawhi Leonard, they'll be a good team and fun to watch but I don't think they're a title contender yet". A failed super team and poor decisions in free agency resulted in the Lakers having to go through a tough rebuild.
Shortly after the announcement, James posted a three-photo tribute to Cleveland fans on his Instagram account.
Bosh hasn't played since the 2015-16 season because of blood clots, so there's no telling whether he'd even be cleared to return.
Even Kobe Bryant, who spent his entire 20-year National Basketball Association career with the Lakers, saluted James. Pic: GettyIn his time with the Cavs, James managed to bring a championship to Cleveland.