Jackson has played 26 NBA games across three seasons, averaging 1.8 points and 0.7 assists in 5.2 minutes per game. Last season, he was on a two-way contract with the Philadelphia 76ers before being waived in January.
In six games, he averaged a career-high 3.7 points in just 6.5 minutes.
He scored 10 points in 10 minutes off the bench in a December game against the Portland Trail Blazers.
The 24-year-old also played well during a brief stint in the G League, averaging 18.9 points and 7.4 assists in eight games for the Delaware Blue Coats.
Jackson was an impact player in college, averaging 15.8 points and 4.7 assists per game in his final year at Notre Dame before he was picked in the second round of the 2016 NBA draft.
The Lakers have several options at point guard heading into next season with Rajon Rondo, Quinn Cook and Alex Caruso all likely to get significant playing time. Jackson will provide depth for a team that has high expectations for 2019-20.
And considering Rondo played only 46 games last season and has had injuries throughout his career, another option at the position could prove valuable.