Chandler, 36, will be a backup to starting center JaVale McGee for the Lakers, who are desperate for an infusion of size and defensive rebounding.
Chandler is a native of Los Angeles, and has been anxious to find a new home amid the Suns' rebuild. The sides agreed to a buyout on the $13.6 million left in the final year of his original four-year deal, sources said.
Chandler is considered one of the strong veteran leaders in the league, and will be a welcome addition to a largely youthful Lakers locker room.
The New York Times first reported the buyout was in process.
The Lakers have been using rookie Johnathan Williams as a backup center, but he's on a two-way contract and limited to only 45 days in the NBA.
Chandler is in his 18th season after entering the NBA draft out of high school in 2001. His productivity has been on the decline in recent years, and he averaged 6.5 points and 9.1 rebounds in 46 starts for the Suns in 2017-18.
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