The 38-year-old basketball star announced the decision on Wednesday night after accepting the record-breaking performance award at the ESPYs for becoming the NBA's career scoring leader.

James acknowledged that a few months ago he was questioning his ability to keep performing "without cheating the game" and to still "give everything to the game," according to Sky Sports.

"The day I can't give everything on the floor is the day I'll be done. Lucky for you guys, that day is not today," he said at Wednesday's award ceremony.

A four-time NBA champion and four-time league Most Valuable Player, James had indicated he might not return for a 21st season.

But he had also said he would like to play with his son, who is about to start his first season playing college basketball and will be eligible for the NBA draft in 2024.

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James' 21st season will be the longest active run in the NBA, and tie him with Robert Parish, Kevin Willis, Kevin Garnett and Dirk Nowitzki. They trail only the 22-year career of Vince Carter.

James, who has been the Finals MVP four times and is a 19-time All-Star, averaged 28.9 points last season, slightly up from his career average of 27.2 per game. He averaged 8.3 rebounds and 6.8 assists in over 35 minutes.