Per ESPN's Adrian Wojnarowski, Caruso's contract will be for $5.5 million over two years.
In the wake of Wojnarowski reporting Kawhi Leonard was choosing to sign with the Los Angeles Clippers, the Lakers acted swiftly to boost their talent depth with many of the top remaining free agents available.
Wojnarowski and Ramona Shelburne previously reported the Lakers were re-signing Rajon Rondo. Wojnarowski added they were signing DeMarcus Cousins and Danny Green. Shelburne noted they will bring back JaVale McGee and Kentavious Caldwell-Pope.
The Lakers will need to get their role players to step up as they try to build a 2019-20 title contender around Davis and LeBron James.
Caruso adds more depth at point guard for head coach Frank Vogel. The 25-year-old showed promise in limited action last season. He averaged 9.2 points in 25 games and shot 48 percent from three-point range on 50 attempts.