According to a person familiar with the situation, Boozer will finish out the season with the Lakers instead of looking for the chance to join a postseason contender as a free agent.
The Lakers acquired Boozer in July off amnesty waivers from the Chicago Bulls. While his total salary this season is $16.8 million, the Bulls are responsible for $13.6 million while the Lakers are paying the 33-year-old $3.3 million.
Through 52 appearances this season, Boozer is averaging 12.5 points and 7.0 rebounds a game while shooting 51.6% from the field.
Coach Byron Scott transitioned Boozer to the bench earlier in the season, a sacrifice the veteran eventually embraced.
Players cut before the end of February are eligible to sign with teams for postseason play, but Boozer will ride out the remainder of the season in Los Angeles with the Lakers, the source said.
Boozer will be a free agent in July.