The deal, which was first reported by the Memphis Commercial Appeal, sends Gasol to the Lakers for Kwame Brown, Javaris Crittenton, Aaron McKie and first-round picks in 2008 and 2010. The Grizzlies also will receive the draft rights to Pau's brother Marc, the Lakers' second-round pick in the 2007 draft.
The acquisition of Gasol gives the Lakers their first established low-post threat since they traded Shaquille O'Neal to Miami in 2004. Gasol averaged 18.9 points and 8.8 rebounds in 39 games with Memphis this season.
Gasol, a 7-footer, could fill in at center in place of Andrew Bynum, who is expected to miss at least another month with a knee injury. The Lakers are only 3-5 since losing Bynum, who is averaging 13.1 points and 10.2 rebounds and leads the NBA in field goal percentage.
When Bynum returns, the Lakers would be able to feature a frontcourt of Bynum at center, Gasol at power fowrard and 6-10 Lamar Odom at small forward.
Brown, the first pick in the 2001 draft, is making $9.1 million in the last year of his contract. Crittenton, the Lakers' first-round pick last June, has averaged 7.8 minutes in 22 games.