The Los Angeles Lakers signed guard Quincy Olivari to a two-way contract on Saturday after a string of successful preseason performances, according to ESPN's Shams Charania and Dave McMenamin.

Per Charania and McMenamin, the Lakers also released center Colin Castleton.

Olivari initially signed an Exhibit 10 contract with Los Angeles on June 27 after he wasn't selected in the 2024 NBA draft. The 23-year-old averaged 19.1 points per game during his 2023-24 season with Xavier.

He reacted to the news on social media.

Olivari's two-way deal means that he can be active for up to 50 regular-season games with Los Angeles and could also spent time with the team's G League affiliate, the South Bay Lakers.

He gradually carved out a role in head coach JJ Redick's preseason rotation, dropping 11 points in nine minutes on 4-6 shooting during an Oct. 10 win over the Milwaukee Bucks. He also connected on three of his four attempts from behind the arc.

"Quincy completely changed the game … picking up full court, being disruptive, taking time off the shot clock," Redick told reporters after the contest. "I thought he executed exactly what we want from someone in his position."

Olivari stayed efficient throughout the remainder of the preseason, averaging 8.8 points and 3.5 rebounds in 13.4 minutes per game on 52.2/57.1/100 shooting splits.

His strong play put him on the radar of several stars, including Stephen Curry. The two-time MVP met with Olivari following a matchup between the Lakers and Golden State Warriors on Friday.

If he's able to continue knocking down threes and competing on both ends of the court, he'll likely receive some playing time during the regular season as the Lakers look to space the floor around LeBron James and Anthony Davis.