The new contract for Chandler will pay him $2,109,867, according to ESPN's Bobby Marks, with the Lakers incurring a cap hit of $1,333,140. Chandler agreed to shave $2.1 million off his $13.6 million salary with Phoenix. He is eligible to be traded Feb. 6, one day before the trade deadline.
Chandler, 36, will be a backup to starting center JaVale McGee for the Lakers, who are desperate for an infusion of size and defensive rebounding.
A native of Los Angeles, Chandler is considered one of the strong, veteran leaders in the league -- a welcome addition to a largely youthful Lakers locker room.
Chandler is in his 18th season after entering the NBA draft out of high school in 2001. His productivity has been on the decline in recent years. He averaged 6.5 points and 9.1 rebounds in 46 starts for the Suns during the 2017-18 campaign.
Information from ESPN's Adrian Wojnarowski was used in this report.