Artest's attorney filed a petition in Los Angeles Superior Court on Thursday seeking the change. The 31-year-old NBA star was born Ronald William Artest Jr.
In the court documents, Artest cites personal reasons for wanting to make the change.
An Aug. 26 court date was set to consider the petition.
The petition filing was first reported by celebrity website TMZ.
Artest's career has been filled with ups and downs. He helped the Lakers win the NBA championship a year ago and in April he received an award for outstanding service and dedication to the community.
He has testified before Congress to support mental health legislation.
Artest may be best known for triggering the most notorious brawl in NBA history when he jumped into the stands and attacked a fan while playing for the Indiana Pacers in November 2004. He was suspended for the rest of that season.
Artest wouldn't be the first NBA player to make a change to an unusual name.
Lloyd Bernard Free, who played in the league from 1975 to 1988, had his first name legally changed to World in 1981. A friend had given him the nickname because of his 44-inch vertical leaps and 360-degree dunks.
"It brought a smile to my face," Lakers general manager Mitch Kupchak said of Artest's planned name change. "It's been done before. ... So, other than that, I don't really have a comment."
The GM was then asked if he had a preference as to whether the back of Artest's jersey says "Peace" or "World Peace" next season.
"I'm an advocate of World Peace," Kupchak quipped.
ESPNLosAngeles.com's Dave McMenamin contributed to this report.