Although Howard was acquired by the Grizzlies from the Washington Wizards in July, Memphis is expected to either trade or waive the former All-Star big man.
If Howard is eventually released and signs with the Lakers, it would be his second stint in L.A. as the three-time Defensive Player of the Year was acquired by the organization via trade with the Orlando Magic in 2012. He quickly bolted to join the Houston Rockets the following summer after the Lakers were swept by the San Antonio Spurs in Round 1 of the playoffs.
The 33-year-old was a non-factor for the struggling Wizards last season, appearing in just nine games before being sidelined with a lower back injury.
When healthy, Howard remains a stat-sheet stuffer capable of finishing around the rim and is among the league's best rebounders and shot-blockers.