Rondo spent last season at New Orleans Pelicans, signing a one-year deal 12 months ago.
The Pelicans were back in for the 32-year-old, creating more salary-cap flexibility as they confirmed the departure of Julius Randle.
Lakers are searching potential free agents this summer with San Antonio Spurs man Kawhi Leonard a rumoured key target.
And now, ESPN report, they will bring in Rondo after confirming a deal for James yesterday.
During his one season with the Pelicans, Rondo averaged 8.3 points and 8.2 assists per game during the regular season, with those numbers jumping to 10.3 PPG and 12.2 APG in the postseason.
He teams up with James who will join the Lakers on a four-year deal worth $153.3million (£116m).
James left home state side Cleveland Cavaliers for the second time in his career having decided to opt out of the final year of his contract.
And now the deal is complete James posted a message to those who supported him while in Cleveland.
“Thank you Northeast Ohio for an incredible four seasons,” said James on his Instagram account.
“This will always be home.”
James’ agency – Klutch Sports Group – announced his decision via a press release on Twitter just after 1am UK time on Monday.
The statement read: “LeBron James, four time NBA MVP, three time NBA finals MVP, fourteen time NBA All Star, and two time Olympic gold medalist has agreed to a four year, $154million contract with the Los Angeles Lakers.”