According to ESPN, the NBA veteran, who turns 37 in November, has agreed to a one-year deal with Los Angeles.
Last season, World Peace appeared in 35 games for the Lakers, averaging 5.0 points and 2.5 rebounds in limited action.
The team adds the veteran to the training camp roster to help provide leadership to their young crop of players.
World Peace says his deal is "the same as last year", when he had to earn a spot on the roster with a non-guaranteed contract.
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