Welcome back, Magic Johnson.

The former NBA star will be returning to the Los Angeles Lakers as an adviser in basketball and business matters, the team announced on Thursday, to assist president and part-owner Jeanie Buss.

Aside from his advisory role, Johnson will also work with the coaches, while monitoring and mentoring players and their development.

The Lakers have not disclosed the terms of agreement, including what the contract is worth or for how long Johnson will be advising Buss.

"We are thrilled and honored to add Magic's expertise and abilities, and I look forward to working alongside him." Buss said.

Johnson added: "Everyone knows my love for the Lakers. Over the years, I have considered other management opportunities, however my devotion to the game and Los Angeles make the Lakers my first and only choice.

"I will do everything in my power to help return the Lakers to their rightful place among the elite teams of the NBA."

Johnson played for the Lakers from 1979-91, and again in the 1995-96 season. He also briefly coached the team in 1994.

He already has a wide array of interests on his plate, as he is part of the ownership groups of MLB's Los Angeles Dodgers, the WNBA's Los Angeles Sparks, and an MLS expansion franchise in the city set to begin play next year in addition to running Magic Johnson Enterprises.