Charania also reported that "teams are expected to express interest in Cook" on the waiver wire once he becomes available.
Additionally, Charania noted that waiving Cook will leave the Lakers with two open roster spots.
The 27-year-old Cook has played a fairly limited role for the Lakers the past two seasons after receiving significantly more playing time with the Golden State Warriors in the previous two campaigns.
Last season, Cook appeared in just 44 regular-season games for the Lakers, averaging 5.1 points, 1.2 rebounds and 1.1 assists in 11.5 minutes per contest, and shot 42.5 percent from the field and 36.5 percent from beyond the arc.
He also appeared in six playoff games, as the Lakers won the NBA championship, marking the second title of Cook's career.
Cook has been an even smaller part of the rotation in 2020-21, averaging 2.1 points in just 3.9 minutes per game over 16 contests.
The former Duke star is perhaps best known for his contributions to Golden State's championship-winning season of 2017-18 when he averaged a career-high 9.5 points, 2.7 assists, 2.5 rebounds and 1.4 three-pointers made in 22.4 minutes per game.
Although he appeared in only 33 regular-season games that year, he started 18 of them, and went on to play in 17 postseason games.
The following season, Cook averaged 6.9 points, 2.1 rebounds, 1.6 assists and 1.1 three-pointers made in a career-high 74 games for Golden State. He once again appeared in 17 playoff games as well.
Cook's greatest asset during his two seasons in Golden State was his three-point shooting accuracy, as he made 44.2 percent of his three-point attempts in 2017-18 and 40.5 percent in 2018-19.
He also owns career averages of 6.4 points, 1.7 rebounds and 1.6 assists in 181 games, including 29 starts.
While Cook hasn't done much this season, his three-point shooting keeps teams honest when he's in the game, and he also boasts the type of championship experience teams look for in bench players.