The Los Angeles Lakers legend has quite a way to go before he reaches the top spot, however.
On Wednesday night, against the Portland Trail Blazers, James became the fifth highest points scorer ever, as he put 44 on the board in the 126-117 win.
James has now scored 31,425 points throughout his career, and is on track to catch up with Kareem Abdul-Jabbar in first place.
Before the season is out, James could well overtake Michael Jordan, as he is currently only 867 behind.
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And NBA pundit Tas Melas believes that James passing Chamberlain isn't as big of a deal as many believe.
'It isn't news until he's number one,' he explained on The Starters podcast.
'And he's going to get to number one.
'That's why it isn't really news, because he's on his way to being number one.'
Melas also explained how James can become the number one, and gave an insight into how long it will take the star.
'He's only 7,000 back from Kareem Abdul-Jabbar," he said.
'For LeBron James, that's three and a half seasons, 2,000 per season.
'You can account for a little bit of slowing down, so maybe three-and--half seasons becomes four.
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'But at the end of 2022, he'll be 37 years old, and he'll be passing Kareem Abdul-Jabbar.
'Fifth is nice, but he's going to get to number one.'
James and the Lakers are back in action tonight, as they take on the Orlando Magic.