Neither the Kings nor Walton waited long following changes that came just after the end of the regular season. Walton will be introduced at a press conference later Monday.
"I have known Luke for many years and I am so excited to welcome him and his family to the Sacramento Kings", said Kings General Manager Vlade Divac.
The Kings and Walton started talks on Saturday, less than 24 hours after the coach's exit from the Lakers.
Walton also served as an assistant coach for the Golden State Warriors from 2014-2016.
The Los Angeles Lakers have had an overall underwhelming season with flashes of the potential playoff team they could've been had injuries and trade rumors not gotten in the way. Even before Walton's departure, former Cavaliers coach Tyronn Lue emerged as a frontrunner to take the post. "Because if it's not, as we've witnessed with the Lakers, then there's going to be casualties, and usually the coach is the first one".
"There's a great young core down there".
The 39-year-old Walton was 98-148 in three years with Los Angeles in his first full-time head coaching job. "We have to play that way".
The Lakers finished fourth in the National Basketball Association in pace, just ahead of the Kings.
But what would a hypothetical Lakers trade for Davis look like just months after Los Angeles seemingly showed a willingness to deal anyone besides LeBron James for the perennial All-Star?
Sacramento had its most wins since going 44-38 in 2005-06 during coach Rick Adelman's final season. In fact, since moving to Sacramento before the 1985-86 season, the only winning seasons for the Kings came in Adelman's eight years at the helm, highlighted by a trip to the Western Conference final in 2002.