ESPN's Adrian Wojnarowski reported earlier Saturday the Pelicans and starting point guard Jrue Holiday agreed to a five-year, $126 million deal.
The Pelicans are in need of depth and offensive firepower. The trio of Davis, Cousins and Holiday combined to average 67.8 points per game last season, while the rest of the team combined for 36.5 points.
They were also one of the least efficient offenses in the NBA, ranking 26th in points per 100 possessions, per Basketball Reference.
Young is a solid shooter from three-point range (40.4 percent last season). His 13.2 points per game in 2016-17 would have ranked fifth on the Pelicans.
Lawson will be looking to rebuild his value after two straight underwhelming seasons. The 29-year-old averaged 9.9 points and 4.8 assists in 69 games with the Sacramento Kings last season.