Love and general manager Koby Altman announced the deal at Quicken Loans Arena.
"When I first came to Cleveland, I came with a long-term mindset", said Love.
"First and foremost, we want to compete at the highest level", Altman said following the NBA Draft, when the Cavs selected Alabama point guard Collin Sexton with the No. 8 pick. "And I think who we have on our team and who we have moving forward really reflects that". I'm super excited and I couldn't be happier.
The Cavaliers said in a statement that Kevin Love had signed a multi-year contract. I enjoy playing here, I'm excited about the team that we have and look forward to our future together. "As a five-time All-Star and NBA Champion, Kevin has a special understanding of exactly what success and winning require". He also shot.415 from beyond the arc and a career-high.880 from the foul line.
Love, a 10-year National Basketball Association veteran, is one of only eight players in National Basketball Association history to accumulate 11,000 points, 7,000 rebounds and 1,000 three-pointers. In addition, he recorded 31 double-doubles and scored 20 points or more on 26 occasions, including a season-high 38 points in just 25 minutes versus Miami on November 28.
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The 6-10 forward was originally acquired by the Cavs in a three-team trade with Minnesota and Philadelphia on August 23, 2014.
Kevin Love acknowledged James' message on Twitter, but he made it clear that he's not about to get manipulated by the four-time MVP into shouldering the entire cost of an eventual trip to Nobu Malibu.
But while it's now experiencing a youth movement of sorts, Cleveland will still rely on its fair share of veterans this season, including Love's close friend Channing Frye, who re-signed with the team on a one-year deal earlier this month.
During the Cavs' run to the NBA Finals, Love averaged a nightly double-double with 14.9 points and 10.2 rebounds in 31.4 minutes a night.
Love was a member of the 2016 championship team that came back from a 3-1 deficit to defeat the Golden State Warriors, successfully ending Cleveland's 52-year major-league title drought.