Oliver, 25, is 6-foot-8 and went undrafted out of Nevada in 2017. He spent time overseas and in the G League before latching on with the Rockets in May and appearing in four games.
He fared well in that limited action, averaging 10.8 points and 5.3 rebounds.
The Lakers currently only have 13 players under guaranteed contracts, so they still have at least one spot available and up to two.
“However, like fellow Exhibit 10 recipients Chaundee Brown and Mac McClung, Oliver seems more likely to end up playing for the South Bay Lakers, L.A.’s G League affiliate,” wrote Luke Adams of Hoops Rumors.
An Exhibit 10 deal means Oliver could earn up to a $50,000 bonus if he stays with South Bay for 60 days.