Artest Headed to L.A. The Los Angeles Lakers have reached an agreement in principal with free-agent forward Ron Artest on a multiyear contract which totals approximately $18.7 million over three years or $33.5 million over five years, according to ESPN.com. ESPN The Magazine's Chris Broussard reported late Thursday night that the financial terms of the deal have not been completed because Artest's camp wants more time to weigh its options. Wednesday is the first day players can sign new contracts for the 2009-10 season when the league announces the new salary-cap ceiling and luxury-tax threshold. A five-year deal, which Broussard reported would include a player option on the fifth season, would bring Artest added security in case of injury, while the shorter three-year deal would enable Artest to return to free agency at age 32. The latter scenario would give Artest full Larry Bird rights and the potential to sign a more lucrative deal with the Lakers or another team. "I am very excited to finally be going to L.A.," Artest said in a statement. "For years now, the Lakers have expressed interest in having me play for them, but we could never get the stars to align. I'm finally a Laker and I can't wait to get on the court with Kobe, Pau and the rest of the team, and play for Phil.” In order to bring in Artest, the Lakers had to cut ties with 24-year-old forward Trevor Ariza. ESPN.com reported Wednesday that Ariza was growing frustrated by the Lakers' reluctance to start his new contract higher than the projected mid-level exception for next season of $5.8 million and was giving strong consideration to signing elsewhere. The Lakers answered by quickly reaching a deal with Artest, rather than upping their offer to Ariza. Artest brings a level of physical toughness, especially on defense, which the Lakers have lacked. The question will be whether or not he can accept operating as a role player on a team featuring Kobe Bryant and Pau Gasol as the top 2 scoring options. He does, though, consider Lamar Odom and Kobe Bryant to be two of his closest friends in the game. The 29-year-old Artest is coming off  his best season in terms of citizenship and production, helping the under-manned Houston Rockets take the Lakers to a game seven in the second round of the playoffs, but cynics attribute Artest's good behavior to the fact that he was in a contract year. The Lakers, however, ultimately reached the conclusion that Artest's versatility and physical presence were worth gambling on despite his volatile reputation. Ariza Close to Deal with Houston Following the departure of Ron Artest to the Los Angeles Lakers, the Houston Rockets quickly reached an agreement to sign forward Trevor Ariza away from L.A., according to ESPN.com. Sources told ESPN.com that Ariza made a verbal commitment Tuesday night to sign a five-year deal with the Rockets on Wednesday, the first day free agents are permitted to sign new contracts, not long after the Lakers and Artest reached terms on a three-year deal worth an estimated $18 million. ESPN.com's Chris Sheridan reports that Ariza, according to sources, will receive the Rockets' full mid-level exception, which is projected to come in at $5.8 million for next season. If the exception for the 2009-10 season is $5.8 million Wednesday when the league announces the salary cap and luxury tax levels, Ariza's deal would total $33.5 million When it became clear that Ariza was not happy with the offer from L.A., Rockets G.M. Daryl Morey immediately flew to Las Vegas to recruit Ariza face-to-face and convinced him to join the Rockets over the Cleveland Cavaliers, who had shown strong interest in both Ariza and Artest. The Lakers effectively declared a preference for the older, physical, and more versatile but also famously unpredictable Artest at a lower price than the 6-foot-8 Ariza, who emerged as a reliable defender and shooter in the postseason. The 24-year-old Ariza, who is 5 years younger than Artest, shot 49.7 percent from the field and 47.6 percent on 3-pointers in the postseason in 31.4 minutes per game. Evan Nuckles is a staff member of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey.