According to Rich Paul, CEO of Klutch Sports Group, the Lakers and James had a productive discussion about their futures.
Sources said there was no new deal yet.
James and Paul met with Lakers vice president of basketball operations and general manager Rob Pelinka and new Lakers coach Darvin Ham in the war room at the team's practice facility in El Segundo, California, on Thursday. James was able to sign a two-year extension with the Lakers on the first day.
According to Paul, he expects the two sides to keep talking.
When James' current contract ends, he will be 38 years old and worth $44.5 million. The NBA's collective bargaining agreement states that a player aged 38 or older can sign a two-year contract.
If James doesn't sign the extension by June 30, he'll be an unrestricted free agent.
It's possible James could get a one-year extension worth $47 million, with an additional year with a player option for the 25th year.
It's possible that the optionality is intentional. His oldest son, who is entering his senior year of high school, will be eligible to play in the NBA in four years. Before James retires, he wants to team up with his son on an NBA team.