The Milwaukee Bucks claimed the third-year point guard, picking up his $915,243 salary for the season.
Once a player is placed on waivers, teams have 48 hours to claim their services. The Bucks, by virtue of their league-worst 15-67 record last season, had priority over any other team who might have had an interest in Marshall.
Had the North Carolina point guard hit free agency, the Lakers might have looked to re-sign him at the same $915,243 salary -- after using their cap room. Once teams are over the NBA's $63.1 million salary team, they can still sign players at a minimum salary.
Through 54 appearances with the Lakers last season, Marshall averaged 8.0 points and 8.8 assists.
The Lakers have point guards Steve Nash and Jeremy Lin under contract, although Nash has struggled to stay free of injuries during his first two seasons with the franchise.
The team may sign second-round pick Jordan Clarkson (46th), a promising combination guard, but the Lakers may still need to add one more true point guard to the roster.