by Ryne Nelson

Miami has a lot of things going for it: no state taxes, plenty of beaches and nightlife, and an all-NBA teammate in Dwyane Wade. But Lamar Odom is happy with his home in Hollywood.

According to an ESPN.com report, Odom’s will play for the Lakers for at least three more seasons:

Free agent forward Lamar Odom will return to the Los Angeles Lakers, an NBA source said Thursday.

One source close to the process told ESPN.com that Odom will come away with a guaranteed $27 million from the new contract, matching the original value of the three-year, $27 million deal Lakers owner Jerry Buss pulled off the table earlier this month. It’s believed that the structure of the new deal calls for Odom to earn $25 million over the first three seasons, with the Lakers owing him $2 million in the fourth year if they elect not to pick up their team option.

Odom was familiar with the Heat organization after playing 80 regular season games and two strong playoff series in ’03-04. But the prospects of going after consecutive championships and getting the opportunity to play alongside his buddy from Queens, Ron Artest, were more than enough incentive to remain in L.A.