The move will leave the Lakers with two available roster spots.
Cook, 27, played a serviceable role last season, but has been a largely forgotten part of the Lakers’ rotation this year. He has made just 16 appearances in 32 games, logging double digits in minutes just once.
He will undoubtedly garner interest from teams on the free agent market, given that Cook has been a role player for both the Lakers and Golden State Warriors in their championship-winning runs.
Overall, Cook carries career averages of 6.4 points on 46 percent shooting.
The Lakers (22-10) have lost three straight, all at home. They may be on the lookout for some immediate help, given the injury to power forward Anthony Davis, who is expected to miss at least another three weeks.