So, who are the biggest winners and losers from this unexpected but rather dramatic move?
As the Lakers look to put together a commanding "Big Four" of their own, Los Angeles has agreed to trade two future first-round draft picks along with two future second-round selections and $3 million cash to Phoenix in exchange for Nash.
Sports-talk radio host John Gambadoro was the first to break the news on Twitter.
Suns beat writer Paul Coro of the Arizona Republic followed up with confirmation on details of the deal.
Marc Spears of Yahoo! Sports reported that Nash is "ecstatic" to be joining the Lakers, as the move gives him an opportunity to be close to his children.
"But his most important aspect was his ability to be close to his children. He's an hour from his children. I've never seen him happier because of that fact alone," said Nash's agent, Billy Duff, via Spears and Yahoo! Sports.
Nash is divorced with two daughters and a son.
It's fair to say that the Lakers are absolutely in a better position upon season's end. With Nash, Bryant gets to play with another star in the backcourt, while Pau Gasol and Andrew Bynum get to play with a floor general unlike either has ever had before.