The deal is set to be completed and confirmed on Wednesday.
Bullock scored 19 points on Tuesday night against the New York Knicks, and has averaged 12.1 points per game for the season. (don’t need to hyphenate ppg)
The Lakers have been linked with the 27-year-old for a week now, and want to secure a deal before the deadline on Thursday.
Bullock is known for his three-point shooting, something that the Lakers have been struggling for recently.
He has shot 41.1 per-cent from three-point range since 2015, and will immediately become the second-best three-point shooter on the team, going by seasonal average.
He will only be bettered by Lance Stephenson who has hit 39.3 per-cent. Bullock meanwhile has hit 38.8 per-cent.
Lakers reporter Brad Turner, of the LA Times, confirmed the trade on Twitter.
“Can confirm from sources: Lakers have agreed in principle to acquire Reggie Bullock from Detroit for rookie Svi Mykhailiuk,” he wrote.
“Deal to be completed Wednesday.
“Lakers like Bullock because of his shooting.”
The deal is one of three that the Lakers are trying to secure before the deadline, as they look to get themselves back into playoff contention.
After the blowout 136-94 loss against the Pacers, the Lakers are 10th in the NBA Western Conference, 10 wins behind the runaway leaders Golden State Warriors. They are also three points off eighth, the final playoff space.
The Lakers are still keen on Trevor Ariza, while they are trying to tie up a deal for Anthony Davis.
Ariza looks far more likely to be traded by the Washington Wizards than Davis does by the New Orleans Pelicans.
The trade deadline is at 3pm ET (8pm GMT) on Thursday.