Gaines has been his agent since Ball declared for the NBA draft back in April of 2017.
In a statement to ESPN, Ball explained that "Gaines has been a trusted advisor and close friend for many years" and he worked with "integrity" and always had Ball's "best interests at heart."
"Harrison has always had my back and although we will no longer be working together after mutually deciding to part ways, our relationship will always be bigger than basketball," Ball said in the statement.
In his own statement to ESPN, Gaines said Ball "has been nothing short of phenomenal and is one of the bright young NBA Stars" and that he wishes him "great success in the future."
This move comes about two weeks after Ball had to sever ties with Big Baller Brand co-founder Alan Foster over $1.5 million being missing from Ball's accounts. He is now suing Foster for damages of at least $2 million.
Per Shelburne, LaVar Ball still has something in store for the brand.
LaVar Ball is also playing a role in vetting candidates to be Lonzo's agent. According to Chris Haynes of Yahoo Sports, LaVar is inquiring if any agencies have the power to pair his three sons on the same NBA team.
However, Ball noted the move to part ways with Gaines had nothing to do with that situation and Gaines was supportive of Ball through that ordeal.
Gaines himself was never officially associated with Big Baller Brand, but he did launch SLASH Sports, an agency that also represents Yale's Miye Oni, according to ESPN, who is looking to get picked in the 2019 NBA draft. Oni is listed at No. 62 in Jeremy Woo's latest Big Board.
Ball, who averaged 9.9 points, 5.4 assists and 5.3 rebounds in his second NBA season, has not been on the court since Jan. 19 when he suffered a season-ending ankle injury against the Rockets. The Lakers asked Ball if his Big Baller Brand sneakers might have been related to the injury.