Farmer has agreed to sign a deal with the Los Angeles team subject to the company negotiating a buyout with the player's club in Turkey, the Anadolu Efes. The buyout, however, does not count against the salary cap.
ESPN notes that the deal required that Farmer be willing to take a significant pay cut, as the 6-foot-2 guard had signed a three-year, $10 million deal last summer to play in the Turkish Basketball League.
"They knew about my deal overseas and really didn't push it earlier because they didn't think I'd be willing to give up that guaranteed money I had over there," Farmar said in a phone interview with ESPNLosAngeles.com. "I wanted to be back in the NBA, but more importantly, back with the Lakers. This is the only situation I would have taken a minimum deal with."
The 26-year-old played with the Lakers for the first time in 2006 after being drafted in the first round out of UCLA.
"I've been a Laker since I was born," Farmar said. "I grew up a Laker fan, so regardless of where I am or who I'm playing for, or what I'm doing in life, I'm always going to stay connected to what's going on here [in Los Angeles]."
Farmer added that even thought he enjoyed his run in Turkey he had always planned to return to the NBA
"I thought it was a possibility that it would be exactly the same [in Turkey] and I would hop on over there and never look back and I would make good money overseas, but just being over there and staying up until 2, 3, 4 in the morning and watching every NBA game, or watching the Lakers go through what they were going through was just tough," he said. "I missed my family, I missed being home and, ultimately, I missed being a Laker."