League sources told ESPN and USA Today Sports on Thursday that Los Angeles is finalizing an agreement with Waiters that will run through the remainder of the season. The team has yet to confirm the deal.
The Lakers worked out Waiters earlier this week after waiving veteran guard Troy Daniels on Sunday to create a roster spot.
Waiters played only three games for the Heat this season because of team suspensions and poor conditioning. He served three suspensions this year, including a 10-game ban following a drug-related incident on a team plane.
Waiters, 28, has averaged 13.2 points, 2.8 assists and 2.7 rebounds per game in 412 career contests (211 starts) between the Oklahoma City Thunder, Cavaliers and Heat.
Waiters spent half of the 2014-15 season playing alongside current Lakers star LeBron James when both were in Cleveland. Waiters averaged 10.5 points per game with the Cavaliers before being traded to the Thunder in the middle of that season.