Davis, who signed a two-year, $2.1-million minimum contract with the Lakers last season, will become an unrestricted free agent after playing just one year with the team.
The move is not a surprise. In April, Davis told The Times, "I'm going to test free agency."
The 6-foot-10 Davis averaged 8.3 points and 7.6 rebounds a game last season, while shooting 60.1% from the field.
While the Lakers can look to re-sign Davis as a free agent, the team would have to use valuable cap space to bring him back at his asking price, believed to be in the $5- to $10-million range for next season.
"Hopefully I'm back with the Lakers, as long as everything is equal with all the other teams," said Davis two months ago.
The Lakers project to have approximately $22 million in spending power this summer, provided they chose to decline their option on forward/center
The team has yet to announce Davis' decision to opt out of his deal.