Walton was teammates with the Kings GM when he played for the Lakers.
Last time the Kings went looking for a new head coach, they conducted an exhaustive search that dragged on for nearly a month as they sifted through a dozen candidates before zeroing in on Dave Joerger.
The club said his departure after three years in charge was by mutual consent.
A move to Sacramento then, with its young, raw roster, may be a better fit for Walton heading forward.
"I want to thank Jeanie Buss and the Buss family for giving me the opportunity to coach the Lakers", Walton said in a statement issued by the Lakers. "This franchise and the city will always be special to me and my family".
And Walton might not be out of work for very long.
Lue coached the LeBron-led Cavs for two more seasons before being fired and replaced with Larry Drew in October 2018 following a 0-6 start to the season. News of a signing probably won't break until the 76ers are out of the playoffs.
The team fired head trainer Marco Nuñez on Wednesday. Johnson, though, said that his relationship with Walton was fine after the incident, which he considered overblown.
Ball, who sat most of the second half of the season with an ankle injury, was slated to have surgery without the Lakers' knowledge, the report states.
As for the Lakers, it looks like they will be holding onto Pelinka. The announcement comes three days after Magic Johnson stepped down as president of the club's basketball operations at the conclusion of a season where the team didn't make the playoffs after acquiring LeBron James. L.A. was just 17-31 the rest of the way as James missed 17 games and was in and out of the lineup until he was shut down for the season in late March.