That’s according to ESPN’s Adrian Wojnarowski.
The Lakers are looking to add a proven defender this season while also retaining cap flexibility this offseason.
According to the report, the main sticking point is finding a third team to complete the deal.
The Suns’ desire, is ‘to land a playmaking guard and a draft asset as the price of unloading Ariza.’
The Lakers are looking to include guard Kentavious Caldwell-Pope in the deal, though it appears he would go to a third team.
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Caldwell-Pope, 25, has full veto power over a trade per the one-year, $12million contract he signed this offseason.
“The Lakers have shown a willingness to work with his agent, Rich Paul, if there’s a deal that might increase his role and possibly get him signed to a deal this summer with a new team,” Wojnarowski explained.
Players signed this offseason as a free agent cannot be traded until Saturday.
Ariza is also signed to a one-year deal, a $15million pact he signed after five seasons in Houston.
Among the teams the 33-year-old Ariza has played for is the Lakers, with whom he won an NBA championship in 2009.
He is averaging 9.7 points, 5.5 rebounds and 3.3 assists this season.
The Suns are a league-worst 4-22 this season.
The Lakers have been linked with a number of high-profile stars in recent weeks.
Kawhi Leonard, Bradley Beal and Anthony Davis are said to all be wanted by LeBron and co.
The Lakers are next in action against Miami Heat tomorrow at 3.30am UK time (7.30pm PT).