Los Angeles GM Rob Pelinka also exercised options on Josh Hart, Brandon Ingram and Kyle Kuzma for the 2019-20 season.
Lonzo Ball is staying in Los Angeles.
Lakers general manager Rob Pelinka on Monday announced the team has exercised its option for the 2019-20 season on the second-year guard.
Pelinka also announced 2019-20 options were picked up on Josh Hart, Brandon Ingram and Kyle Kuzma.
Ball, who turns 21 on Oct. 27, underwent offseason surgery but made his return alongside newly acquired superstar LeBron James during the preseason. He averaged 10.2 points, 7.2 assists, 6.9 rebounds and 1.7 steals in 52 games last season en route to second-team NBA All-Rookie honors.
Hart, 23, averaged 7.9 points, 4.2 rebounds and 1.3 assists in 63 games as he capped his season with four straight 20-point games.
Ingram, 21, averaged a team-high-tying 16.1 points to go with 5.3 rebounds and 2.9 assists through 59 games, all of which were starts.
Kuzma, 23, also averaged 16.1 points in addition to 6.3 rebounds and 1.8 assists in 77 games. His performance earned him a first-team All-Rookie selection.
The Lakers are slated to open the regular season on the road against the Trail Blazers at 10:30 p.m. ET Thursday.