Kane, 25, averaged 17.1 points, 6.8 rebounds, 5.9 assists and 1.2 steals per game in his senior season at Iowa State.
The Lakers have also signed former Ohio State forward LaQuinton Ross to a summer league deal, according to the Columbus Dispatch.
The 6-foot-8, 220-pound Ross averaged 15.2 points and 5.9 rebounds in his junior season with the Buckeyes.
L.A. kicks off its summer league slate in Las Vegas on July 11. Lakers general manager Mitch Kupchak said he expects Jordan Clarkson, acquired by the team on draft night after he was selected by Washington with the No. 46 pick, to also play on the summer league squad. Kupchak was noncommittal about the team's first round selection, Julius Randle, playing in the summer league, however.