The Cleveland Cavaliers have signed Kevin Love to an extension, reportedly worth $120million over four years.

Love opted out of the 2019-20 season on his current five-year deal signed in July 2015 and is set to earn $24.1m next season before his extension goes into effect.

The Cavs were rumored to be open to dealing Love elsewhere but ultimately decided to hold onto the five-time All-Star in the wake of LeBron James' departure.

"When I first came to Cleveland, I came with a long-term mindset," Love said. "I came here to win. We developed a culture here that reflects that. I'm super excited and I couldn't be happier. It's a big commitment for me and it's a big commitment from the Cavaliers, so I want to thank Dan Gilbert, Koby Altman and the entire organisation.

"I enjoy playing here, I'm excited about the team that we have and look forward to our future together. Cleveland fans have been special from day one and I'm also looking forward to continuing to be a part of this great community."

Love, 29, averaged 17.6 points and 9.3 rebounds per game for Cleveland last season, and his numbers are only expected to rise now that James is gone.