Morris had also reportedly been the subject of interest from the Lakers' rivals, the Los Angeles Clippers.
He confirmed on Twitter his return to the Lakers.
The 31-year-old first signed with the Lakers in February after agreeing to a buyout with the Detroit Pistons. He served as an important bench piece during Los Angeles' postseason run, averaging 5.9 points, three rebounds, and an assist while shooting 42% from three over 21 games as the Lakers won their 17th title in franchise history.
Morris' twin brother Marcus reportedly agreed to return to the Clippers this offseason on a four-year, $64-million deal.