Caldwell-Pope re-signed with the Lakers in July 2019 on a two-year, $16.6 million deal that included an $8.5 million player option for the 2020-21 season, which he declined.
With his 3-and-D skills, Caldwell-Pope was a valuable supporting player in the Lakers' run to the NBA championship this past season. The guard shot a career-best 38.5% from 3-point range in the regular season and was third on the team with 92 made 3-pointers.
In the playoffs, he averaged 10.7 points per game, including 17 points in the NBA Finals-clinching Game 6 victory over the Miami Heat.
Caldwell-Pope, 27, was the No. 8 overall pick in 2013 by the Detroit Pistons, for whom he played his first four seasons before moving on to the Lakers.
The Athletic was first to report the agreement.