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The contract will contain no options, sources said.
In his second NBA season, Clarkson averaged 15.5 points, four rebounds, 2.4 assists and 1.1 steals in 79 games.
Clarkson, 24, was one of the most unique restricted free agents on the market. He was acquired with the 46th selection in the 2014 NBA draft and outperformed his minimum rookie salary. Clarkson made the NBA All-Rookie first team in 2015.
Because of the Gilbert Arenas provision, which limits what rival teams can offer restricted free agents who have only been in the league for one or two years, the Lakers remained in position to retain Clarkson.
“I definitely want to stay in L.A.,” Clarkson told The Vertical during the season. “This is home for me. I haven’t even thought about playing anywhere else. L.A. is where I want to be.”
Clarkson can officially sign when the NBA’s free-agency moratorium ends on July 7.