Lamar Odom #7 of the Los Angeles Lakers reacts in the third quarter against the Orlando Magic in Game Five of the 2009 NBA Finals on June 14, 2009. (Ronald Martinez/Getty Images)
Lakers spokesman John Black confirmed the agreement on the team's official website (www.nba.com/lakers), adding that a contract was likely to be signed "in the next few days."
The retention of Odom will bolster a powerful Lakers starting line-up comprising NBA Finals MVP Kobe Bryant, Spanish forward Pau Gasol and veteran guard Derek Fisher, plus forward Ron Artest who joined the franchise earlier this month.
Odom, 29, was a significant factor in helping the Lakers clinch the 2008-09 title, averaging 12.3 points, 9.1 rebounds and 1.35 blocks in the postseason.
