The Los Angeles Lakers and Bronny James have reached an agreement on his rookie contract that will pay him $7.9 million over four years, a league source told ESPN’s Dave McMenamin on Wednesday.

The deal includes a team option on the fourth year, the source said. He will make nearly $1.2 million as a rookie, with the team escalating each year to almost $2.5 million in the option year.

James’ rookie contract comes on the same day his father, LeBron, agreed to a two-year, $104 million contract (player option for 2025-26) to remain with the Lakers, sources told ESPN’s Adrian Wojnarowski. That sets up the likelihood that Bronny and LeBron will become the first father-son duo to play in the NBA at the same time in league history.

Bronny James was the 55th overall selection in this year’s draft.