The team didn't release the terms of the contract, but the Los Angeles Times reported it was for $16.1 million.
Bynum, a first-round pick in the 2005 draft, posted career-best averages of 18.7 points and 11.8 rebounds per game while playing in all 60 games in the lockout-shortened regular season.
The 25-year-old then averaged 16.7 points, 11.1 rebounds and 3.1 blocks per game in the playoffs.
In seven years with the Lakers, Bynum has averaged 11.7 points, 7.8 rebounds, 1.2 assists and 1.6 blocks over 392 games.
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