Darren Collison's retirement lasted two years.
The Lakers are also signing Stanley Johnson to a 10-day hardship contract. Both players could be in uniform for their Christmas Day game against the Brooklyn Nets.
The 34-year-old started at point guard for the Pacers in the 2018-19 season, averaging 11.2 points, 6.0 assists and 1.4 steals per game in 28.2 minutes each contest. He shot 46.7 percent from the field and 40.7 percent from three.
In Collison, the Lakers will be getting a solid veteran capable of stretching the floor with his perimeter scoring who can also facilitate the offense.
Collison isn't one of the elite players at his position, but he's a solid option and should provide quality minutes for his new team.
Johnson was most recently playing for the G League's South Bay Lakers. The former first-round pick has not appeared in an NBA game this season.