Lakers public relations director John Black said the team had taken the offer off the table in the past two days.
According to the Los Angeles Times , Lakers owner Jerry Buss had offered Odom two deals. One was worth $36 million for four years and the other was for $10 million a season for three years. He made $14.1 million this season.
Odom played a key role off the bench in the Lakers' championship run. He averaged 12.3 points and 9.1 rebounds during the playoffs.
BOBCATS: Raymond Felton 's agent went to Las Vegas confident he was close to hammering out a long-term deal with Charlotte.
Kevin Bradbury left the meeting with Charlotte general manager Rod Higgins disappointed and far apart in negotiations.
"We're definitely not close as far as what we're discussing and what we think fair market (value) is for Raymond," Bradbury said Wednesday.
Felton, the Bobcats' first-round draft pick in 2005, has maintained he wants to stay in Charlotte. He averaged 14.2 points and 6.7 assists this season.
The Bobcats could match any offer he receives, and Bradbury said he's had some informal talks with teams. Felton could also sign the one-year tender of $5.5 million and become an unrestricted free agent next season.
PACERS: Plan to re-sign free agent forward Josh McRoberts .
McRoberts' agent, Bob Myers said it was a two-year deal, but would not give a dollar amount.
Indiana has until the weekend to respond to Toronto's offer for guard Jarrett Jack , a former Georgia Tech star.
BULLS: Veteran guard Lindsey Hunter has re-signed with Chi-cago and will return for a 17th NBA season.
Hunter signed with the Bulls last November and averaged 2.6 points and 1.3 assists in 28 games. More important was the leadership and mentoring he provided, particularly to eventual rookie of the year Derrick Rose .