LOS ANGELES -- A tumultuous week continued for the Los Angeles Lakers as the team announced that it has mutually parted ways with head coach Luke Walton on Friday.

This comes just four days after Magic Johnson left the franchise reeling by shockingly deciding to step down as president of basketball operations on Tuesday night. Walton finished his third season as head coach with a frustrating and disappointing 37-45 record in a season that began with massive expectations following LeBron James' arrival. Walton leaves the team with two years remaining on his five-year deal.

ESPN's Adrian Wojnarowski reports that former Cleveland Cavaliers coach Ty Lue is a strong frontrunner to replace Walton and that Philadelphia 76ers assistant Monty Williams joins Lue as the central candidates in the Lakers search, according to league sources.

"We would like to thank Luke for his dedicated service over the last three years," said Lakers general manager Rob Pelinka in a team statement. "We wish Luke and his family the best of luck moving forward."

Walton, who went 98-148 in his three seasons as head coach, thanked the franchise and controlling owner Jeanie Buss, who was a staunch supporter of Walton.

"I want to thank Jeanie Buss and the Buss family for giving me the opportunity to coach the Lakers," said Walton. "This franchise and the city will always be special to me and my family."

The Lakers had some cursory discussions with Walton's representatives on Wednesday in which both sides discussed if there was a way forward, multiple sources told ESPN's Ramona Shelburne. The conversations didn't go very far, however, as it was obvious the Lakers had planned to fire Walton before Johnson abruptly stepped down on Tuesday night.

When James and his agent Rich Paul met with Johnson and Pelinka last Saturday, sources told Shelburne it was considered an exit interview and Walton was not present.

Walton's job security had been something many executives, coaches and agents speculated about since the start of the season not only because the Lakers had the makings of a flawed roster but also that Walton wasn't hired by Johnson and Pelinka. Walton was hired in 2016 by then Lakers executive vice president Jim Buss and then general manager Mitch Kupchak.

In his decision to step down, Johnson explained that he was considering firing Walton on Wednesday when the Lakers held their exit interviews but did not want to "disappoint" Buss and get in the way of her relationship with Walton and in the process hurt his own relationship with Buss.

Charged with trying to blend a roster constructed with eclectic veterans on one-year contracts and a core group of young prospects still learning how to play all around James with a plethora of ballhandlers but not enough shooting, Walton had what many felt was the most daunting job in the NBA.

While Johnson preached patience in the preseason knowing that it would take time for the new roster to mesh, Johnson admonished Walton in a meeting just six games into the season. The Hall of Fame point guard was upset with the team's defense and sluggish start but later told the Los Angeles Times and ESPN that Walton would not be fired barring something unforeseen. Johnson, though, said that his relationship with Walton was fine after the incident which he considered overblown.

Walton had the Lakers at 20-14 on Christmas night after a blowout win at Golden State and looking like they were on the verge of coming together. But the wheels came off in spectacular fashion when James and Rajon Rondo were injured during that game, sending the Lakers into a tailspin that they would never recover from.

Suspensions, injuries, never-ending drama, inexcusable losses to bottom-feeding teams and even a buffet of on-court gaffes -- enough to provide the internet with ammunition to come up with a "One Shining Moment" parody -- smothered the Lakers' season and ultimately doomed Walton.

Walton would lose Lonzo Ball (ankle) and Brandon Ingram (blood clot in shoulder) to season ending injuries as the Lakers had James, Ingram and Ball together for a total of only 23 games, going 15-8 during that span. The Lakers missed over 210 games due to injuries and used over 25 different starting lineups this season.

Now, for the fifth time since Phil Jackson last sat on the Lakers' bench in 2010-11, the Lakers will be looking for a new head coach to attempt to revive the proud franchise and take it to the postseason for the first time since 2012-13 season.