LOS ANGELES -- Another former Laker appears to be on his way back to the purple and gold.

Rajon Rondo will likely sign with the Lakers, sources told ESPN's Adrian Wojnarowski, upon clearing waivers after a contract buyout with the Memphis Grizzlies on Saturday.

Rondo, 35, was traded from the LA Clippers to the Grizzlies earlier this month as a part of the Eric Bledsoe deal, but he reached an agreement on the final year of his contract worth $8.3 million to go back on the market.

The two-time champion and four-time All-Star played for the Lakers for two seasons from 2018-2020 and was an integral piece on L.A.'s title team in the Orlando bubble.

The 16-year veteran would provide depth for the Lakers at point guard, with LeBron James and Russell Westbrook figuring to shoulder the ballhandling duties for the starting lineup.

Rondo would sign with L.A. on a veteran's minimum contract and occupy one of the Lakers' three final open spots on the roster.

He would be the fifth former player to come back into the fold for the Lakers this offseason, joining Dwight Howard, Trevor Ariza, Wayne Ellington and Kent Bazemore.

Rondo averaged 5.4 points and 4.4 assists in 45 games with the Clippers and Atlanta Hawks last season, shooting a career-best 40.4% from 3.

He spent the first nine seasons of his NBA career with the Boston Celtics after entering the league in 2006. He has averaged 10.0 points, 8.1 assists and 4.6 rebounds over his career, which also included stops with the Mavericks, Kings, Bulls and Pelicans.