Los Angeles announced the acquisition on Tuesday.
"Having observed our roster for the first 10 games of this young season, one of the areas that Earvin and I discussed with Luke that we desired to upgrade is interior defense and rebounding," Lakers general manager Rob Pelinka said in a news release.
"In Tyson Chandler we addressed that need, and so much more. We are excited that Tyson will bring championship-level experience to our Lakers team that will solidify our veteran leadership and help positively shape our young core. We are thrilled for Tyson to join us as we progress towards our ultimate goals as a team."
Chandler, 36, posted 3.7 points and 5.6 rebounds per game in seven contests this season for the Phoenix Suns. The 7-foot-1, 240-pound center is in his 18th NBA season. He has averaged 8.6 points, 9.3 rebounds and 1.2 blocks per game in his career for the Chicago Bulls, New Orleans Pelicans, Charlotte Hornets, Dallas Mavericks, New York Knicks and Suns.
The 2011-12 Defensive Player of the Year won a championship with the Mavericks in 2011 and was a gold medal winner with Team USA. The Suns bought out Chandler's contract, sending him to waivers on Sunday.