The injury-ravaged Lakers, who are 3-11 for the season, can use the exception to sign or trade for a player. They were previously awarded a $1.5 million disabled player exception for rookie Julius Randle, who is out for the season with a broken leg.
The two exceptions, which both expire March 10, cannot be combined.
Nash, who only played 65 games in two-plus seasons with the Lakers because of injuries, has not announced his retirement but is in the final year of his contract that pays him $9.7 million this season. He can still be used in a trade.