Dwight Howard cleared waivers and was signed Monday by the Los Angeles Lakers, Lakers general manager Rob Pelinka confirmed in a statement.
Terms of the deal were not released, per team policy. In a corresponding move, the team waived forward Aric Holman, a rookie out Mississippi State who was signed in July.
ESPN first reported Friday that Howard agreed to surrender $2.6 million of his guaranteed $5.6 million salary to secure a buyout of his existing contract with the Memphis Grizzlies. He did so with the intention of signing with the Lakers, who are looking for help at center to fill a void created when DeMarcus Cousins tore his ACL training this summer in Las Vegas.
ESPN followed up Monday with a report that Howard would sign what is known as a "summer contract," which is non-guaranteed and would pay him $14,490 for every day he is on the roster, starting Oct. 21. The contract was expected to include a provision that would make the Lakers responsible for only $6,000 if Howard is injured and waived before the regular season, according to ESPN.
The move marks the second tour with the Lakers for Howard, who turns 34 in December. He averaged 17.1 points and a league-high 12.4 rebounds in 76 games in 2012-13.
The eight-time All-Star has career marks of 17.4 points and 12.6 rebounds in 1,044 games over 15 seasons.
Howard averaged 12.8 points and 9.2 rebounds in nine games last season with the Washington Wizards, his campaign ending in November because of back surgery. He is set to join his fifth team in five years.
--Field Level Media