Malone, who earned $19 million last season in his 18th and final season with the Utah Jazz, will earn the veteran´s exception of $1.5 million next season.
He turns 40 later this month.
Payton, five years younger, also signed a multi-year contract. He established himself as one of the NBA´s finest point guards in Seattle, where he played for nearly 12 seasons before being traded to Milwaukee this past season.
The players will be introduced Thursday morning at a news conference at Staples Center.
Payton, who earned $12 million last season, will make $4.9 million in his first year with the Lakers.
Si vous me cherchez je suis allé gerber plus loin... rien que pour tout ceci, UTAH ne devrait pas retirer le numéro de Malone.