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Farmar last played in the NBA during the 2011-12 season, averaging 10.4 points and 3.3 assists with the New Jersey Nets.
Farmar remained hopeful that a deal could be made.
"To be able to play with Steve Nash toward the end of his career and learn some things that can help me ... I'm still only 26," Farmar told the Times on Wednesday. "I'm going to soak up as much as I can from him and then to play with Kobe, who will be determined to make something happen the last few years of his career, I just felt like that was important for me to learn and move on in the rest of my career."
If Farmar returned, the Lakers would have five guards and would not sign another former Lakers player, Sasha Vujacic, considered a long shot to make their roster in the first place.
As usual, there are a lot of "ifs" this time of year, but there was one actual signing by the Lakers on Wednesday. Reserve center Robert Sacre accepted a one-year deal for just under $1 million after averaging 1.3 points and 1.1 rebounds as a rookie.
"I've definitely seen more in one year than most guys have seen in five," Sacre said, an obvious nod to the Lakers' lack of on-court chemistry, and a first-round playoff flameout against San Antonio.
"I'm glad I went through it. Now I can just move on and just keep working on my game."
Sacre will be on the Lakers' summer league team but not Darius Morris, Andrew Goudelock or Devin Ebanks, an apparent good-bye from the franchise to all three players.
Second-round draft pick Ryan Kelly (foot surgery) also won't play in summer league, though small forward Chris Douglas-Roberts will be on the team, which debuts Friday and plays at least three games.
Metta World Peace was not waived by the Lakers on the first day of the weeklong window to cut players via the NBA "amnesty" provision.
He tried to maintain a sense of humor Wednesday, despite some poor grammar, on his Twitter feed. "I have to amnesty my jeans. Their too tight," he wrote. "I think I might waive my tooth brush also. I need a new one."
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