Young, 32, had a player option with the Lakers for one more season that would have paid him $5.7 million.
However, he has decided to test the open market after a productive 2016-17 season. He started all 60 games in which he played and averaged 13.2 points while hitting 40.4 percent of his 3-point shots.
His decision continues the Lakers' makeover. They traded D'Angelo Russell and Timofey Mozgov to the Brooklyn Nets in exchange for Brook Lopez and another 2017 first-rounder earlier this week. They cleared cap space that could make room for a high-priced free agent.