The team is expected to finalize a five-year, $190-million dollar deal with Davis on Thursday.
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.
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.