JULY 17TH, 7:55pm: The Lakers have officially announced the signing.
JULY 15TH, 4:27pm: The Lakers are "close" to a buyout with Farmar's former club, a source tells Mark Medina of the Los Angeles Daily News (via Twitter).
JULY 10TH, 8:52pm: Farmar is still on track to join the Lakers, but his buyout with Anadolu Efes is still not complete, according to Kevin Ding of the Orange County Register (on Twitter).
7:28am: Although Dwight Howard left guaranteed salary on the table to leave Los Angeles, at least one player is willing to give up money to come back to L.A. According to Dave McMenamin of ESPNLosAngeles.com, the Lakers have agreed to terms with Jordan Farmar on a one-year deal worth the minimum salary.
After being bought out by the Hawks a year ago, Farmar signed a three-year contract with Turkey's Anadolu Efes worth a reported $10MM+. The 26-year-old will earn about $1.1MM with the Lakers after the team negotiates his buyout with Anadolu Efes, a figure that McMenamin says will be around $500K.
"They knew about my deal overseas and really didn't push it earlier because they didn't think I'd be willing to give up that guaranteed money I had over there," Farmar told McMenamin. "I wanted to be back in the NBA, but more importantly, back with the Lakers. This is the only situation I would have taken a minimum deal with."
The Tony Dutt client spent the first four years of his NBA career with the Lakers before joining the Nets for a pair of seasons. Overall, Farmer has averaged 7.7 PPG and a 13.3 PER in 413 NBA contests. We first heard back on the opening day of free agency that there was mutual interest between him and the Lakers.