Magic Johnson has offered to raise the prize of the NBA Slam Dunk contest to $1million dollars if LeBron James participates.

During a pre-game show on ESPN Magic Johnson said he would "put up a million dollars." His fellow sports casters broke out in a chorus of "whoa, breaking news, hold on!"

Johnson finished his statement by adding, " 1 million dollars to LeBron please get in the dunk contest I go every year, I want to see you out there, a million to the winner. Enough said."

Putting up an offer of  $1 million should be no problem for Magic Johnson; SI.com reports that the former Los Angeles Lakers point guard has a net worth of 500 million dollars.

LeBron James has never competed in the dunk contest; in fact he has always refused to enter.   There is no word yet on whether or not James will take Johnson up on his million dollars offer and join the slam-dunk competition.

In 2010 James said he would compete in that years competition but canceled at the last minute. SI.com reports that James commented he was "very close" to competing in this years competition.

"I was very close, I was very close to getting into the dunk contest, man. For me, I've always been an in-game dunker, man. When you've got to be in the dunk contest, you've got to be creative, figure out ways to do something that no one has done in the dunk contest. I couldn't figure that out. I couldn't figure that out. I was entertained by being in the three-point contest, too."

James' Twitter and Facebook are silent about that. What fans have noticed is the slam-dunk show James has been putting on before his games.

The Miami Heat star took to the air for some awe inspiring dunking before his team took on the Cleveland Cavaliers. Does this mean LeBron will join the dunk contest? If $1 million isn't enough of an incentive then what is?

The NBA offers the winner of the Slam-Dunk contest $100,000 and the runner up $50,000.