Malone, the second leading scorer in NBA history, inked a two-year deal worth $3 million. The 40-year-old earned $19 million with the Utah Jazz last season but wanted to sign with the Lakers in the hope of winning his first championship.
Payton, 35, also signed a multi-year contract. He and 'The Mailman' Malone will be formally introduced at a news conference Thursday.
But two other prominent NBA free agents have decided to stay put.
Jermaine O'Neal agreed to terms with the Indiana Pacers while, according to media reports, Tim Duncan is on the verge of re-signing with the defending champion San Antonio Spurs.
O'Neal signed a seven-year deal worth around $120 million. He averaged 20.8 points and 10.3 rebounds a game last season.
Twice MVP Duncan is expected to sign a seven-year deal with the Spurs worth around $122 million.
The New Jersey Nets also made official Wednesday the signing of free agent center Alonzo Mourning.
"We are very pleased to add a player of Alonzo's stature to our roster," New Jersey general manager Rod Thorn told reporters. "His physical presence and the mental toughness he brings to the game will strengthen our team immeasurably."
Mourning is a seven times All-Star and twice defensive player of the year. He sat out last season with a kidney problem.
