Report: Lakers Finalizing Contract Buyout with Forward Luol Deng

The two sides are working on parting ways on the remaining two years on Deng's contract.

The Los Angeles Lakers and veteran forward Luol Deng are reportedly finalizing a contract buyout as part of a waive-and-stretch provision, per Shams Charania of The Athletic. 

Deng has two years and $36.8 million remaining on his contract. ESPN's Adrian Wojnarowski and Ramona Shelburne report that he will walk away from $7.5 million of the remaining $36.8 million.

The buyout will allow Deng to enter free agency. 

The Lakers have been unable to find a trade partner for Deng without the inclusion of other prospects and/or draft picks. Stretching Deng will open up an additional $12.5 million in cap space.

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Los Angeles was projecting to have $25 million in cap space for next season. The buyout of Deng puts leaves the team with $38 million, which is enough money for a max-contract player in 2019 free agency.

Deng has been with the Lakers since 2016 when he signed a four-year, $72 million deal with the team. The 33-year-old has averaged 15.0 points and 6.1 rebounds per game over the course of his career. 

He only played in one game for Los Angeles last season.