Farmar has played 10 years in the league, averaging 7.7 points and 2.9 assists a game.
While signing Farmar wouldn't drastically improve the Lakers roster, he'd make sense as a potential backup point guard behind Lonzo Ball, given both his experience and level of familiarity with Walton.
Los Angeles doesn't have much financial flexibility after agreeing to a one-year, $18 million deal with Kentavious Caldwell-Pope, per ESPN.com's Brian Windhorst. ESPN.com's Bobby Marks noted the Lakers only had $16.5 million in available cap space before the signing.
That limits general manager Rob Pelinka's options if he wants to add another guard before the start of the 2016-17 season. According to Marks, the Lakers have $4.3 million available through the mid-level exception, which would likely be more than enough to get Farmar on board.