Nine teams with cap space were able to make a blind bid to pick up the remaining portion of Boozer's $16.8 million deal with the Chicago Bulls. The Lakers won with a bid of $3.25 million, sources told ESPN.com's Marc Stein.
"We're very pleased to have won the bidding process and to have gained his rights, and look forward to his contributions next season," Lakers general manager Mitch Kupchak said in a news release.
The Bulls must pay Boozer the remaining $13.6 million that he is owed in 2014-15 on the final year of his current contract. Releasing Boozer via the amnesty clause removes that $13.6 million from Chicago's books for salary-cap and luxury-tax purposes, but the Bulls still must pay him the money he's owed.
The Lakers have added two power forwards in the past 24 hours after agreeing on a two-year, $2 million deal with free agent Ed Davis on Wednesday. They also recently signed big man Jordan Hill to a two-year, $18 million deal. Center Robert Sacre is also on their roster.
Boozer averaged 13.7 points and 8.3 rebounds in 76 games for the Bulls last season. He played just 28.2 minutes per game as coach Tom Thibodeau often didn't insert him in the fourth quarter.
Information from ESPN.com's Marc Stein contributed to this report.