Derek Fisher and his five championship rings are on their way to the Rockets.

According to multiple reports, and first reported by Yahoo!'s Adrian Wojnarowski, Fisher has been dealt with a first round draft pick to the Houston Rockets for Jordan Hill.

Fisher, 37, became expendable after the Lakers acquired Ramon Sessions. The veteran has a $3.4 million player option next year. He is averaging 5.9 points and 3.3 assists in 25.6 minutes per game this year.

The Rockets may wind up buying out Fisher, reports Wojnarowski.

Hill, 24, was the eighth overall pick in the 2009 NBA Draft. He was dealt midway through his rookie season from the Knicks to the Rockets, meaning the Lakers will be his third team. Stuck behind several forward in the Houston rotation, Hill is playing 14.7 minutes this year. He has a team option for $3.6 million next year.

The pick going to Houston is Dallas' pick, via Los Angeles.

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