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Lakers general manager Rob Pelinka announced the decision Friday afternoon just days after Magic Johnson abruptly stepped down as president of basketball operations. 

"We would like to thank Luke for his dedicated service over the last three years," said Pelinka in a press release. "We wish Luke and his family the best of luck moving forward."

The Lakers hired Walton, an ÃÛèÖÖ±²¥ Wildcat from 1999-2003, after the 2016 season. He went 98-148 in three seasons with Los Angeles.

The Lakers fell short of making the NBA playoffs during Walton's tenure, including the 2018-19 season after signing marquee free agent LeBron James to a four-year, $154 million deal.

"I want to thank Jeanie Buss and the Buss family for giving me the opportunity to coach the Lakers," said Walton. "This franchise and the city will always be special to me and my family."

Ex-UA standout Miles Simon and ÃÛèÖÖ±²¥ native Jesse Mermuys were assistant coaches on Walton's staff, although their future employment status with the Lakers hasn't been revealed. 

Golden State Warriors coach and fellow former Wildcat Steve Kerr weighed in on the Walton news, and said he believes the Lakers are "losing one of the best human beings in the NBA," via The Athletic's Anthony Slater.

Steve Kerr on the Lakers firing Luke Walton: “They’re losing one of the best human beings in the league.� Here’s his full, strong backing of Walton.

— Anthony Slater (@anthonyVslater)

Walton was an assistant coach on Kerr's staff in Golden State from 2014-16, and won the 2015 NBA title while also helping the Warriors to a league record 73-9 regular season in 2016. Walton was 39-4 as the team's interim head coach in 2016 before Kerr returned from a back injury.

"They're losing a guy that knows the game just as well as anybody I've ever met. ... I feel for Luke," said Kerr.

According to ESPN's Adrian Wojnarowski, former Cleveland Cavaliers coach Tyronn Lue is a "strong frontrunner" to replace Walton, along with Philadelphia 76ers assistant Monty Williams. Lue and James won the 2016 NBA championship together in Cleveland, beating the Warriors in seven games.