Michael Jordan signed his first endorsement deal in 1985, a five-year agreement to wear Nike shoes and apparel that was worth a then-astounding $500,000 a year. In the coming days before the NBA's draft lottery, LeBron James, 18 years old and the projected first pick in the June 26 draft, is expected to sign a contract that could be worth more than $10 million annually.

James' agent, Aaron Goodwin, said he has been working around the clock to get a deal done, at least in principle, with one of three high-profile shoe and apparel companies -- adidas, Nike or Reebok -- before the NBA's draft order is determined on Thursday.

	“	It's still a three-horse race. I have appointments to talk to all three companies today and there is no clear leader. ”
		— Agent Aaron Goodwin on negotiating endorsement deals for LeBron James

The Akron Beacon-Journal, quoting unnamed sources, reported Tuesday that Reebok has offered a lucrative, long-term endorsement deal that would pay James more than $75 million. Tom Shine, Reebok's senior vice president of global sports and entertainment, declined to comment on the status of negotiations, but one shoe industry insider told ESPN.com that Reebok's offer has topped $80 million. Goodwin, however, said Tuesday morning that it would be inaccurate to portray Reebok as the leader in the LeBron shoe derby.

"It's still a three-horse race," said Goodwin, who declined to comment on the terms of any offer. "I have appointments to talk to all three companies today and there is no clear leader."

Reebok, which only recently entered the LeBron derby after James declared for the NBA draft, made the first pitch, presenting James and his family with an inventive offer that one source said even shocked the James camp. Adidas presented its offer to James in Los Angeles and coupled its pitch with advertising on billboards and buses in his hometown of Akron, Ohio, with messages aimed at LeBron, who wore adidas during most of his high school career. The favorite, Nike, gave a well-rehearsed presentation this past weekend that company executives had been working on for months.

All proposed deals include plans for an extensive shoe and apparel line and, as is customary with such high-profile deals these days, James likely will receive additional royalties on sales of his product above a prescribed threshold. The winner is expected to spend at least $10 million to lock up James, one insider said, with the time frame of the first contract expected to be between six and eight years, plus options to extend the deal.

Although the total value of the James shoe and apparel contract isn't expected to surpass the record five-year, $100 million extension that Tiger Woods signed with Nike in 2000, a deal worth half that annually would be a milestone given that James has yet to play professionally. Tiger Woods received $8 million per year in his first five-year deal with Nike. Venus Williams also was awarded a shoe and apparel deal worth $8 million annually when she signed with Reebok in December 2000. Reebok pays Allen Iverson between $5 million and $7 million annually, and adidas pays Tracy McGrady about $10 million a year. At the end of 2002, Nike had about 39 percent of the U.S. athletic footwear business, Reebok was a distant second at 12 percent and adidas had 9.6 percent.

Nike is close to wrapping up a deal with Carmelo Anthony, the former Syracuse star who could be picked among the top three in the draft, and the company also is expected to announce a deal soon with Kobe Bryant, once a penalty clause expires in Bryant's existing deal with adidas in June. European power forward Darko Milicic, also expected to go among the top three in the draft, signed a four-year contract with AND 1 last season.

Darren Rovell, who covers sports business for ESPN.com, can be reached at darren.rovell@espn3.com.