The Lakers made the move Thursday.
Randle was the seventh overall pick in the 2014 draft from Kentucky, but he broke his right leg during the Lakers' season opener last fall. The power forward missed the rest of the season.
Randle has looked impressive in training camp this month, averaging 12.8 points, 6.0 rebounds and 3.0 assists while playing an average of only 24.5 minutes in the Lakers' five preseason games.
Randle will make $3.13 million this season.