In a deal Lakers fans have been crying out for since the moment the NBA lockout ended in December, general manager Mitch Kupchak and Executive Vice President Jim Buss have finally delivered another point guard to Los Angeles.  

The Cleveland Cavaliers have agreed to trade PG Ramon Sessions and forward Christian Eyenga to the Lakers in exchange for Lakers’ forward Luke Walton and a 2012 draft pick, ESPN reported.

Walton has one year left on his contract in which he is set to earn $6.1 million. His inclusion in the deal means the Lakers were able to keep the $8.9 million trade exception they received from Dallas for Lamar Odom before the start of the season, which expires in December.

Sessions is averaging 10.5 points, 5.2 assists and 3.1 rebounds for the Cavs this season and has played in 41 games, but only started four of them. He's averaging 24.5 minutes per game. Sessions is shooting 42 percent from three point range this season, but he is only a career 29 percent shooter from behind the arc during his four seasons in the NBA. If Sessions can keep up that type of three-point accuracy, while also creating off the dribble, then he would be a terrific pick up for the Lakers as they look to challenge the San Antonio Spurs for the 2nd seed in the Western Conference playoffs.

Eyenga is averaging only 1.5 points per game this season, but that still beats Walton’s numbers. The nine-year Lakers veteran is contributing just 1.3 points per game in 2011-12.

UPDATE - At 11:38am, Yahoo! Sports NBA writer Adrian Wojnarowski tweeted that Lakers' guard Jason Kapono is also on his way to Cleveland in the trade.

12:05pm - In a separate deal, the Lakers have traded point guard Derek Fisher to the Houston Rockets for center Jordan Hill and the 2012 first-round pick they received from Dallas in the Odom trade, according to tweets from @WojYahooNBA.

Hill is averaging 5.0 points and 4.8 rebounds per game this season. Fisher is averaging 5.9 points and 3.3 assists in 2011-12. And just like that, the Lakers have become younger, faster and significantly less expensive thanks to a shrinking luxury-tax bill.

No word yet on David Stern's opinion of the deal.

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