Yahoo Sports' Chris Haynes reported Friday evening that Stephenson, now a free agent, is looking to return to the NBA.
"He's willing to work out to prove his value," Haynes added.
Stephenson signed a one-year, $4 million deal to play for the Liaoning Flying Leopards in the Chinese Basketball Association last August. He was the team's leading scorer for the 2019-20 season with 26.7 points per game on 52.2 percent shooting from the field across 29 games.
Stephenson also averaged 7.4 rebounds, 3.8 assists and 1.1 steals in 34.8 minutes.
Stephenson has logged playing time with the Indiana Pacers, Charlotte Hornets, Los Angeles Clippers, Memphis Grizzlies, New Orleans Pelicans, Minnesota Timberwolves and Lakers since the Pacers drafted him in the second round of the 2010 NBA draft.
The Cincinnati product played in all 82 regular-season games for the Pacers during the 2017-18 campaign before signing a one-year deal to join the Lakers for 2018-19.
Stephenson averaged 7.2 points, 3.2 rebounds and 2.1 assists in 16.5 minutes across 68 games (three starts) as a Laker.