The deal comes shortly after the Lakers renounced Randle's rights on Monday, which allowed him to become an unrestricted free agent. It includes a player option on the second year, which can allow Randle, 23, to return into unrestricted free agency in a much looser financial market in 2019.
Randle, a forward-center, will sign the midlevel exception with the Pelicans, who can pair him with All-NBA forward Anthony Davis.
Randle tweeted that he was excited to join the Pelicans.
Mannnnnnnnn tooooo excited!! Excited about the future. Let's get to work! @PelicansNBA— Julius Randle (@J30_RANDLE) July 3, 2018
Randle averaged 16.8 points and eight rebounds for the Lakers last season.