Derek Fisher will not be playing for the Houston Rockets. Adrian Wojnarowski of Yahoo Sports has the report.

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.

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.

There's no doubt Fisher's best playing days are behind him, but he still has plenty to contribute. Fisher is averaging a low 5.9 points per game, although his assists are up to 3.3 per game. If a team does decide to pick him up, he can definitely provide savvy veteran leadership, draw some important charges, and nail timely three-pointers. Plenty of championship contenders out there could use a little of each to improve their team.

Fisher has only one restriction now as a free agent: He cannot return to the Lakers, per league rules regarding trade deadline moves. Fisher will not be returning to Los Angeles this season.

To discuss Fisher's buyout with Rockets fans, head on over to The Dream Shake. To talk about Fisher with Lakers fans, head to Silver Screen and Roll.