The deal is for one year and will be for the $5.9 million exception, sources told ESPN’s Adrian Wojnarowski.
Schroder, 27, turned down the maximum extension the Los Angeles Lakers were eligible to offer the point guard during the regular season, worth north of $80 million, to pursue a more lucrative deal come the summer.
Since that time, the Lakers had explored trade options involving Schroder after seeing their repeat championship bid fall well short after getting bounced in the first round by the Phoenix Suns.
Schroder averaged an underwhelming 14.3 points on 40 percent shooting (30.8 percent from 3) and 2.8 assists in the series, as he returned to the Lakers lineup with just two games remaining in the regular season after a bout with COVID-19 that sidelined him for two weeks down the stretch run of the season.
Lakers vice president of basketball operations and general manager Rob Pelinka made it clear that L.A. had interest in keeping Schroder around, however imperfect his fit might have been in his first year with the franchise.
“There’s a lot of different things we’ll have to evaluate there, but Dennis is an attractive player to us just because of what he brings to the table,” Pelinka said in early June.
ESPN’s Dave McMenamin contributed to this report.