JULY 16TH, 10:36am: Young's deal with the Lakers is actually a two-year pact, with a player option in year two, reports Eric Pincus of the Los Angeles Times. Since it's a minimum-salary contract, the option is worth the minimum as well.
JULY 11TH, 6:35pm: The Lakers have officially signed Young, the team announced today (via Twitter).
5:17pm: According to USA Today's Jeff Zillgitt, Young's deal with the Lakers is for one year and $1.11MM, which is the veteran's minimum for a player entering his seventh year of NBA service.
4:14pm: Nick Young has agreed to sign with the Lakers, according to agent Mark Bartelstein (Twitter link via Sam Amick of USA Today). Considering Los Angeles has already committed its mini mid-level exception to Chris Kaman and can't acquire players via sign-and-trade, Young will presumably sign a minimum-salary deal.
Young, 28, averaged 10.6 PPG with a .413 FG% in 2012/13 with the Sixers. Prior to playing in Philadelphia, Young had spent most of the rest of his six-year NBA career with the Wizards. Although he had a brief stint with the Clippers in 2011/12, the USC product "will be with the team he always dreamed of playing for" when he officially signs with the Lakers, according to Bartelstein.
While Young isn't a particularly efficient player (12.8 career PER), he'll provide some much-needed scoring for a Lakers team that's expected to open the season without Kobe Bryant. Assuming the contract is for one year and the minimum, which seems likely given the club's cap constraints and desire to avoid adding long-term salary, Young could provide a good return on the Lakers' investment.