The Lakers also are expected to trade center JaVale McGee and a future second-round draft pick to the Cleveland Cavaliers to make room for Gasol's salary. Los Angeles also will receive Jordan Bell and Alfonzo McKinnie in that swap.
Gasol, 35, averaged 7.5 points, 6.3 rebounds and 3.3 assists per game in 44 appearances last season for the Toronto Raptors. The three-time All-Star averaged 13.6 points, 7.9 rebounds and 4.4 assists per game in 2018-2019, when he split time between the Raptors and Memphis Grizzlies.
Gasol has averaged 14.6 points, 7.6 rebounds and 3.4 assists per game during his 12-year NBA tenure.
The 2020-2021 NBA season starts Dec. 22 and ends March 4. The NBA playoffs will be from May 22 to July 22.