The Lakers reached a one-year, $9 million deal with the 32-year-old point guard.
Rondo reportedly received significant interest from the Pelicans, and they wanted to re-sign him, but the Lakers offer ultimately ended up being too good to pass up on.
After spending the first four years of his career with the Lakers, Julius Randle will be heading to New Orleans on a two-year, $18 million deal to play with the Pelicans, Adrian Wojnarowski of ESPN.com reports. Last season he averaged 8.3 points, 4.0 rebounds and 8.2 assists over 65 games. The Lakers will be his fifth team in as many seasons.
James and Rondo have gone head-to-head 54 times in their National Basketball Association careers, 25 of those coming in the playoffs - the last of those matchups in 2012, when James and the Miami Heat rallied from a 3-2 deficit to beat Rondo and the Boston Celtics on the way to the National Basketball Association title.
With a stellar rookie season behind him, Lonzo was looking to easily be the starting point guard for the Lakers.
With Rondo and Ball both being point guards, the Lakers told Rondo the team is trying to win now and the best man would play, a source told Shelburne. The next big question revolves around free agent DeMarcus Cousins.
They then added center JaVale McGee to a one-year, minimum deal.
Randle was drafted by the Lakers with the No. 7 overall pick in the 2014 NBA Draft and played 238 games with Los Angeles, including 182 starts.
Randle, 23, was the last player on the roster to have played with Kobe Bryant, who retired following the 2015-16 season.