Per ESPN's Adrian Wojnarowski, the Suns are hoping to land a playmaking guard and a draft pick for Ariza, who joined them on a one-year deal via free agency after four seasons with the Rockets.
The report adds that the teams could bring on a third team in a deal that would include Lakers guard Kentavious Caldwell-Pope.
Talks are based around the likeness of Suns forward Trevor Ariza to Los Angeles.
Ariza signed a one-year, $15 million deal with Phoenix this summer.
However, any deal including Ariza or Caldwell-Pope could not take place until December 15, when 2018 free-agents become eligible for trade.
Caldwell-Pope has veto power on a trade, but the Lakers have shown an ability to work with his agent, Rich Paul, if there's a deal that might increase his role and possibly get him signed to a deal this summer with a new team, league sources said. The former University of Georgia standout signed a one-year, $12 million contract to stay with the Lakers last offseason.
As the Lakers are looking to win now, Ariza would immediately help while Caldwell-Pope would have an opportunity to play major minutes elsewhere.
Meanwhile, it should come as no shock that, while Trevor Ariza signed a hefty deal with the Suns this past offseason, a 4-16 start to the season is surely not what he expected. He is now averaging 8.5 points in 21.5 minutes per game and signed a one-year, $12 million deal to return to Los Angeles over the summer.
While playing over 33 minutes per game, Ariza has averaged 9.7 points per game, 5.5 rebounds per game, and 3.3 assists per game.