Ron Artest met with Lakers executives throughout the day on Thursday and agreed to terms of about $18 million over three years.

Other reports have indicated that Artest would receive a five-year deal from the Lakers worth $33 million.

Trevor Ariza agreed to a five-year deal with the Rockets for about $33 million, roughly the same that the Lakers had offered in their effort to retain him.

"I had to do what was best for me and family," Ariza said. "I am happy with my decision. I'm glad this all worked out. The Rockets are going to give me a chance to improve my game and that's all you can ask for."

Ariza had a more lucrative offer from another team, according to his agent.

"I am very excited to finally be going to L.A.," Artest said in a statement. "For years now, the Lakers have expressed interest in having me play for them, but we could never get the stars to align.I'm finally a Laker and I can't wait to get on the court with Kobe, Pau [Gasol] and the rest of the team, and play for Phil [Jackson].

"The Lakers really made me feel wanted. . . . I look forward to helping the Lakers defend their championship, and it will be great to finally not get booed in the Staples Center.

"I had a great talk today with Phil. I'm a huge fan of his and I can't wait to show him what I can do. I also spoke with Magic Johnson last night. In addition, my agent has been in constant contact with Mitch Kupchak. I made my decision after I had lunch today with Dr. Buss and I realized what a great organization I'm joining."