Arenas has been working out in Orlando since being cut by the Magic on Dec. 9, when they used their amnesty clause on the 30-year-old who is owed a combined $62 million over the next three seasons.
Sources said he has worked his way into shape and is feeling better than he has in years after having the same platelet-rich therapy treatment conducted on his knees that the Lakers' Kobe Bryant and Yankees slugger Alex Rodriguez went through. Arenas also had the procedure done on his hips as a preemptive measure that is often used on athletes who, like Arenas, have a history of knee problems.
Arenas, who averaged between 18.3 and 29.3 points per game from 2002 to 2008, struggled in a reserve role for the Magic after being traded from the Wizards last season. In 49 games, he averaged eight points in 21.8 minutes and shot 34.4 percent from the field and 27.5 percent from three-point range while backing up Jameer Nelson.
For now, Arenas' future is likely to include more two-a-day workouts, handball sessions, open-floor games at a local Orlando YMCA and time spent with his children.
But while some league sources believed that Arenas -- who has the same agent as Orlando's Dwight Howard -- was waiting to possibly join the Magic center at his next destination after a potential trade, he could become a well-timed addition for a Lakers team badly in need of scoring help and guard depth. Los Angeles, which has lost three of five and is 16-12 overall, ranks 21st in scoring (92.7 points), 15th in points per 100 possessions (103.1) and 14th in shooting (44.7 percent).
ESPN.com first reported on the workout.