"[Los Angeles] has been the best fit, the best spot, the best everything for me ... from the money to the team to my potential role on the team and all of that," Brown said Wednesday. "This has been at the top, number one of the list."
ESPNLosAngeles.com's Ramona Shelburne reported Thursday that the deal was a two-year contract worth $4.6 million, according to Brown's agent, Mark Bartelstein.
"Shannon could have made more money somewhere else, but I think he really wanted to play this out with the Lakers," Bartelstein had said Thursday. "They've won it [all] two years in a row and the chance to win three straight [championships] doesn't come around every day."
Brown averaged a career-high 8.2 points, 2.2 rebounds and 1.3 assists playing in all 82 regular-season games, including seven starts last season. During the Lakers' run to the NBA championship, Brown averaged 4.9 points and 1.3 rebounds.
General manager Mitch Kupchak says the Lakers were aware that Brown had several attractive offers from other teams and they're glad he chose to remain with them. The Lakers have already acquired point guard Steve Blake, forward Matt Barnes, and center Theo Ratliff to bolster their bench this offseason.
"Our bench has to come out and be able to produce and continue to make the team better when the starters are on the bench," Brown said.
Brown had opted out of the second year of his previous deal with the Lakers, which would've paid him $2.15 million next season. He will again have a player option in the second year of this contract.
Brown has won two NBA titles since being acquired by the Lakers in February 2009 as part of a trade with the Charlotte Bobcats.
"It's definitely gonna be a difficult task," he said of the Lakers' chance to three-peat. "To do it two times in a row is difficult, but I know the third is gonna be even more tough. But we have guys on the team that have done it already, coaches that have done it already. We have a lot of things to look back at and to build on for this season. I think everybody is looking forward to the challenge."
Information from ESPNLosAngeles.com's Andy Kamenetzky and The Associated Press was used in this report.