The Los Angeles Lakers are signing veteran forward Deandre Ayton to a one-year, $34 million deal, according to a report from ESPN's Shams Charania. NBA insider Marc Stein was the first to report on Wednesday that rival executives expected Ayton to sign with the Lakers upon formally clearing waivers at 5 p.m. ET.

Deandre Ayton, the Los Angeles Lakers' new free agent signing, will be the ninth No. 1 overall pick to be a teammate of LeBron's. That's the most in league history. MORE: Lakers make 'insane' decision that could jeopardize future with LeBron, Luka

Chris Haynes first reported the news. Over the weekend, the Blazers and Ayton agreed to a buyout of the final year of his contract worth $35.5 million over the weekend. The Blazers will pay $25 million of his contract after he agreed to give up $10 million in order to become a free agent.