ESPN reported that the Lakers will also land Minnesota's Malik Beasley and Jarred Vanderbilt while the Timberwolves will receive Jazz guards Mike Conley and Nickeil Alexander-Walker as well as draft picks.
The Jazz will receive Westbrook along with Juan Toscano-Anderson, Damian Jones and a future Lakers first-round draft pick, ESPN reported, saying all players had been notified of the deal.
The deal, reported on the eve of the NBA trade deadline, will end Westbrook's rocky tenure in Los Angeles after one and a half seasons.
The Lakers traded several role players to the Washington Wizards for Westbrook, the 2017 NBA Most Valuable Player and a nine-time All-Star, but he has never been the contributor they envisioned alongside LeBron James and Anthony Davis and is now coming off the bench with the Lakers in danger of missing the playoffs for a second straight season.
The Los Angeles Times cited unnamed sources as saying the Lakers are "excited" to get a trio of young players who could help with the shooting issues they have battled all season.
In Russell, the Lakers regain the player they made the second overall pick in the NBA draft in 2015.
He is averaging 17.9 points and 6.2 assists for Minnesota this season and will be an unrestricted free agent after the season when his $31.4 million contract expires.
