JULY 25th, 5:09pm: The Lakers have officially announced the signing, according to Mike Trudell of Lakers.com (Twitter link).
JULY 20th, 7:59pm: Power forward Jordan Hill has reached an agreement to re-sign with the Lakers on a two-year deal worth nearly $8MM, his agent Kevin Bradbury tells Adrian Wojnarowski of Yahoo! Sports (Twitter link). Bradbury said Thursday the Timberwolves were "right there" with the Lakers in the competition for Hill's services, but apparently the Lakers won out, helped by their status as a title contender.
Wednesday, a report by Ramona Shelburne and Dave McMenamin of ESPNLosAngeles.com suggested the Lakers would turn their attention to re-signing Hill and extending the contract of Andrew Bynum if they were to back off trade talks for Dwight Howard, but it's unclear exactly what bringing back Hill means for a Howard-to-L.A. deal.
The Lakers are limited to paying Hill no more than $3,632,527 for 2012/13, believed to be the value of the team option in his previous contract. The Rockets declined that option long before a midseason trade that sent him to the Lakers. Teams are prohibited from re-signing players to contracts that would give the player a higher salary in a season than what he would have earned if his option had not been declined. Bradbury told David Aldridge of TNT that Hill turned down larger offers to return to the Lakers (Twitter link).
Hill averaged 5.0 points and 4.8 rebounds a game with a 15.8 PER last season with the Rockets and Lakers, coming to L.A. in a midseason trade. He appeared in only seven regular season games for the Lakers, but played in all 12 playoff games, leading all postseason performers in offensive rebounding percentage.
The Wolves, who've missed out on other targets like Nicolas Batum and Courtney Lee of late, seem poised to shift their focus to Celtics restricted free agent Greg Stiemsma, tweets Jerry Zgoda of the Star Tribune.