Many executives, coaches and agents had speculated about Walton's job security since the start of the season not only because the Lakers had the makings of a flawed roster but also because Walton wasn't hired by Johnson and Pelinka. The team called it a mutual agreement.
"We would like to thank Luke for his dedicated service", said Lakers general manager Rob Pelinka.
"As we begin the process of moving forward, we will work in a measured and methodical fashion to make the right moves for the future of our organization".
Former Cleveland Cavaliers coach Tyronn Lue is seen as an early front-runner for the job, according to ESPN. The former Golden State assistant never led the Lakers to the playoffs, not even after the arrival of LeBron James last summer.