No. From what some people are saying, and keep in mind that these are only rumors, are Turkoglu for Vujacic, Walton, and a 2012 1st round pick.
Now, before anyone laughs, hear me out on this.
Walton and Vujacic's combined salaries are 9.5 Million, Turkoglu's contract is 10 million, so the salaries match.
The reason why it would be Vujacic and Walton are because Vujacic is entering his last year of his contract, and there are reports that Walton will have to retire because of his bad back. If that happens, then the Raptors are no longer on the hook for his 4 million/year salary, and they will clear 9.5 million off of the books next season.
The Lakers can't trade the 2011 1st round pick becuase NBA rules prohibit teams from trading 1st round picks in consecutive years. (2010 1st round pick went to Memphis in the Pau Gasol Trade)
Turkoglu dopes not want to be in toronto, and he is on the hook for 3 more years there. It would be a win win for both teams, although at first it would look extremely lopsided.
There is also word that the Lakers are looking to sign Matt Barnes with the remainder of their Mid Level Exemption (1.8 million left over)
And yes, I love the Steve Blake signing. He's going to fit in the triangle offense perfectly.