The team is expected to finalize a five-year, $190-million dollar deal with Davis on Thursday.
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His re-signing comes one day after LeBron James closed a two-year, $85.7-million-dollar extension with the Lakers.
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Meanwhile, the team is scheduled to start its season on Dec. 22nd, hosting the Clippers. Fans will not be in attendance at Staples Center due to the coronavirus pandemic.
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At 27 years old, Davis is the co-star of the Lakers with LeBron James -- and the centerpiece of the franchise's long-term future. Davis' arrival in a trade with New Orleans to join James elevated the Lakers out of six straight seasons in the draft lottery and hurtled them toward an eventual 2019-20 NBA championship.
ESPN contributed to this report.