Agent Rich Paul told Shams Charania of The Athletic and Stadium that the deal will run through the remainder of the season.
McLemore has been disappointing on the court this season, averaging 7.4 points per game while his 35.7 field-goal percentage is the worst of his career. With the Rockets dropping near the bottom of the NBA standings, they decided to move on from the Kansas product as part of the rebuilding process going into 2021-22.
There could still be value in the latest addition as McLemore was a key part of Houston's run to the Western Conference semifinals a year ago. The 2013 lottery pick averaged 10.1 points in 22.8 minutes per game in 2019-20, shooting 40.0 percent from three-point range.
He appeared in 71 of 72 regular-season games, making 23 starts.
McLemore's production on both ends of the court helped draw interest in the trade market, per Kelly Iko of The Athletic.
The guard will now join the Lakers' rotation and should provide valuable depth as a 3-and-D player. It's another proven weapon for a team seeking a deep run in the postseason.
A strong finish to the year could also help McLemore land a new contract in free agency this summer.