The Los Angeles Lakers, in their continued search for talent, have agreed to terms with free agent guard Nick Young on a veteran's minimum contract, the team announced Thursday.

"At 6'7", Nick's size, ability to create his own shot and athleticism make him a versatile player who will give our lineup multiple looks on the floor," said general manager Mitch Kupchak in a statement. "He's an exciting player, and we're excited to have him on our roster."

Young, 28, signed a one-year deal at the veteran's minimum with the Lakers and will make $1.2 million next season. He spent last season with the Philadelphia 76ers, averaging 10.6 points and 23.9 minutes a game.

"It's great for Nick and great for the Lakers," said Young's agent, Mark Bartelstein. "He could've waited and got more money in the free-agent market but his dream has always been to play for the Lakers."

The addition of Young comes in the midst of the release of forward Metta World Peace via amnesty clause.

With World Peace off the payroll the Lakers now will save approximately $14 million in savings. They'll still have to pay his $7.7 million salary for next season, but he is now on the market and now is up for bids for teams with cap room to claim him.

"It's tough to say goodbye to a player such as Metta, who has been a significant part of our team the past four seasons. For anyone who's had the opportunity to get to know him, it's impossible not to love him," said general manager Mitch Kupchak in a release. "He has made many contributions to this organization, both in his community work as well as in our games; perhaps no more so than in his clutch play in Game 7 of the 2010 NBA Finals in helping to lead us over the Celtics in one of the greatest playoff wins in Lakers history. We thank Metta for all his contributions and wish him the best of luck in the future."

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