The NBA club released a statement that said the 78-year-old businessman was expected to be released soon.
"He is recovering and is expected to be released soon," the Los Angeles Times quoted Lakers publicist John Black as saying in a statement.
Details of Buss' health issues were not provided.
TMZ.com reported Buss fell ill about 9 p.m. Monday and that someone at his home called police. The entertainment news Web site said the Los Angeles City Fire Department responded and paramedics took him to a hospital.
The Times said Buss also went to a hospital in December for blood clots in his legs that were attributed to excessive travel.
Buss, a former chemist who made his fortune in the real estate business, bought the Lakers in 1979. The team has won 10 of the franchise's 16 NBA championships during his tenure.