Adrian Wojnarowski of ESPN previously reported the deal was expected to become official on July 6, which is the end of the free-agent moratorium period.
Wojnarowski followed that report with another news item regarding the teams' agreement to move on July 6 if a third team got involved:
Both reporters noted the trade would leave Los Angeles with $23.7 million in cap space. However, if Davis waives his trade kicker of $4 million, then L.A. would then have $27.7 million.
That would go a long way towards Los Angeles creating another max salary slot, and Wojnarowski and Bobby Marks wrote the Lakers are looking to rework the Pels deal to try to create that space. Of note, the Lakers are looking for teams to take on some additional contracts, with Mo Wagner, Isaac Bonga and Jemerrio Jones mentioned.
The question is whether the Lakers can convince a max free agent to come to Los Angeles even if the team creates the cap space.
Free-agent point guard Kyrie Irving is an option, but Anthony Puccio of Nets Daily wrote that sources told him a deal between the eight-year veteran and the Brooklyn Nets is "close" to being finalized.
Wojnarowski reported the Los Angeles Clippers are the favorites to get Toronto Raptors forward and two-time NBA Finals MVP Kawhi Leonard.
Other options include Golden State Warriors forward Kevin Durant and guard Klay Thompson, but signs point to them heading elsewhere. Wojnarowski (h/t Nets Daily) connected KD with Golden State, the Brooklyn Nets and New York Knicks, while Thompson's father, Mychal, told Connor Letourneau of the San Francisco Chronicle that there's "no question" his son will return to Golden State.
The Lakers may come up empty in their quest to add another big name to a roster already including Davis and LeBron James, but they can still add some complementary pieces with that space.
Free agency begins Sunday, June 30, at 6 p.m. ET.