Sacramento swung a deal for McLemore, drafted by the Kings seventh overall in 2013, with the Grizzlies for guard Garrett Temple.
Bjelica had agreed to a one-year deal worth $4.4 million with the Sixers but never signed his contract.
DeMar DeRozan and his $27.7 million salary for next season would likely have to be involved in any package.
James was spotted at the Lakers' summer league game in Las Vegas over the weekend but isn't expected to be there for minicamp next week.
James reportedly had “zero contact” with Walton prior to signing with Los Angeles.
Charlotte Hornets star Kemba Walker seemingly has no plans to leave the NBA team.
Walker, a two-time All-Star, averaged 22.1 points and 5.6 assists for Charlotte last season.
After the Sixers parted ways with Bryan Colangelo, the organization tried to make a run at Rockets GM Daryl Morey.
Marcus Smart is a restricted free agent and the Boston Celtics are hoping to keep him.
James announced he was leaving the Cavaliers and signing a four-year, $154 million contract with the Lakers when free agency began July 1.