Los Angeles, CA -- (Sports Network) - Free agent forward Ron Artest is leaving the Houston Rockets to join the Los Angeles Lakers and will provide the team with more offensive firepower next season, as he'll join Kobe Bryant and Pau Gasol on the defending NBA champions.

Artest announced on ESPN's SportsCenter in Los Angeles that he has reached a verbal agreement with the Lakers and will play for the mid-level exception. He cited the fact that Houston offered him only a one-year contract, while the Lakers jumped at the chance to give him a multi-year deal.

The Los Angeles Times has reported the pact is for three years at close to $18 million. That represents a pay cut after Artest made $7.4 million last season.

No deal can be officially announced until July 8, per league rules.

The Thursday news regarding Artest came on the same day another superstar had an introductory press conference. Ex-Laker Shaquille O'Neal met the media in Cleveland and said he wanted to "win a ring for The King" in reference to his new pairing with reigning MVP LeBron James.

Artest spent last season with the Rockets, helping Houston get to the conference semifinals for the first time since 1996-97. After spending three seasons in Sacramento, Artest averaged 17.1 points, 5.2 rebounds and 3.3 assists in 69 regular season contests with Houston.

For his career, spanning 12 seasons, Artest has game averages of 16.1 points, 5.1 rebounds and 3.2 assists with Chicago, Indiana, Sacramento and Houston. He has also established himself as one of the top-flight defenders in the league.

In another twist, the man Artest would replace in the lineup -- Trevor Ariza -- reportedly reached a verbal agreement with the Rockets. The Houston Chronicle has reported that Ariza accepted the Rockets' offer of the mid-level exception for five years, which is expected to be worth close to $33 million in total.

Ariza averaged 11.3 points per game in the postseason after posting 8.9 points per game in the regular season. His career scoring average is 6.9 points.