Lakers general manager Rob Pelinka announced Walton's departure Friday.
Walton is rumored to be a candidate for the Sacramento Kings head coaching job immediately following the end of his tenure with the Lakers.
Walton spent two seasons at the helm of a team that struggled to find the right pieces to complement 15-time All-Star LeBron James in his first season in Los Angeles.
According to Woj, former Lakers point guard and ex-Cavs head coach Tyronn Lye is viewed as a "strong frontunner" to take over the position.
The move comes just three days after Magic Johnson abruptly stepped down as the team's president. Johnson attributed his decision in part to his desire and reluctance to fire Walton, who is close to Lakers owner Jeanie Buss. "We wish Luke and his family the best of luck moving forward".
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However, there's no guarantee the Los Angeles Lakers will be the team reaps the benefits of Ball's big summer. The Lakers' record improved each season but they also missed the playoffs in each season.
And Walton might not be out of work for very long. "I feel for Luke".
Walton was tasked with one of the most hard jobs in the National Basketball Association this season.
For one thing, James suffered the most serious injury of his career halfway through the season - causing him to play in a career-low 55 games. Ball then reportedly returned to Los Angeles via arrangements made by the team without having surgery.
Well, I think it's safe to say I called this one correctly. "They're losing somebody who players believe in, players want to play for".