Derek Fisher has reached a buyout agreement with the Houston Rockets and is expected to become a free agent once he clears waivers, league sources told Yahoo! Sports.  Read more after the jump.

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Fisher, 37, was traded to the Rockets on Thursday with a 2012 first-round draft pick for forward Jordan Hill.Fisher became expendable after the Los Angeles Lakers acquired point guard Ramon Sessions from the Cleveland Cavaliers.

Fisher will likely have a deal with a contender soon. A new rule in the collective bargaining agreement doesn’t allow him to get bought out after a trade and re-sign with the Lakers this season. Fisher had a $3.4 million player option on his 2012-13 contract.

Fisher averaged 5.9 points and 25.5 minutes for the Lakers this season.