Henry was originally drafted by the Memphis Grizzlies in 2010 with the 12th overall pick. He was traded in 2012 to the New Orleans Hornets (now Pelicans), where he averaged 3.9 points a game in 50 appearances.
Reports had recently linked Henry to the Lakers and while the terms of his contract have yet to be released, he'll make $916,099 for the upcoming season.
The Lakers recently signed small forward Shawne Williams to a partially guaranteed contract. The 6-foot-6 Henry is likely to have a similar deal, needing a strong training camp to make the team.
The Lakers now have 14 players under contract. They are also expected to sign second-round draft pick Ryan Kelly (48th overall).
The franchise will bring 16 to 20 players to training camp but can only carry 13 to 15 into the regular season.