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.
Former NFL player arrested in Vegas after child 's death He was cut by the Texans in October 2013 and was signed by the New England Patriots for their practice squad two weeks later. Wood was a member of the 2012 Fighting Irish team that went to the BCS National Championship Game, falling to Alabama.
Walton's Lakers went 37-45 this season and rumors of a coaching change persisted throughout the disappointing year.
Walton said he was grateful to team owner Jeanie Buss for the chance to coach the team, where he won two championships as a player.
After weeks of speculation, the Los Angeles Lakers have chose to go in a different direction.
Warriors coach Steve Kerr said the Lakers are losing "one of the best human beings in the league".