ESPN said representatives of James had contacted the network with a proposal that included donating any sponsorship money from the broadcast to a children's charity.
ESPN said the discussions were still ongoing and the network did not know which team James had agreed to play for, adding that the identity would not be revealed until the broadcast.
The pending announcement about where the two-time MVP will end up next season has already become a source of fascination and speculation in the United States, with even President Barack Obama weighing in on where he should go.