Beasley's $16.52 million team option for the 2023-24 season was declined by the Lakers on Thursday, Dave McMenamin of ESPN.com reports.
Beasley appeared in 81 games between the Jazz and Lakers last year, and he averaged 12.7 points and 3.5 rebounds in 25.8 minutes per game. The Lakers will choose to part ways with him, so he'll be free to seek out other opportunities in free agency.