He was 85.
Mikkelsen attended college at Hamline University and was selected by the Lakers a territorial selection in the 1949 draft.
Mikkelsen also served as coach and GM of the ABA's Minnesota Pipers.
He was inducted into the Naismith Basketball Hall of Fame in 1995.
"Vern was one of the first in a long line of great Lakers players, and a key link to our franchise's early years in Minnesota," Lakers president Jeanie Buss said in a statement. "We appreciate his contributions to the Lakers and our legacy, and we send our condolences and best wishes to his family."