Per team policy, terms of the agreement were not released.
Johnson-Odom was the 55th overall pick in the 2012 NBA draft, which the Lakers acquired from the Dallas Mavericks on draft night.
The 6-foot-2 guard out of Marquette averaged 15.7 points, 3.1 rebounds and 2.5 assists in 105 career games. As a senior, he led his team in scoring (18.3 points per game) and earned first team All-Big East honors in addition to being named an honorable mention All-American by the Associated Press.
Johnson-Odom played on the Lakers 2012 Summer League team in Las Vegas, averaging 3.8 points, 3.4 rebounds and 1.4 assists in 15.8 minutes.