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UPDATE (3:51pm): It was announced by General Manager Mitch Kupchak that the Los Angeles Lakers have acquired Jordan Hill from the Houston Rockets in exchange for Derek Fisher. In addition, Houston will receive the Dallas Mavericks’ protected first round selection in the 2012 NBA Draft that was acquired by the Lakers earlier this season in exchange for Lamar Odom. (via Lakers Press Release)

Yahoo! Sports, Adrian Wojnarowski is reporting via Twitter that the Lakers have traded Derek Fisher:

[blackbirdpie url="https://twitter.com/#!/WojYahooNBA/status/180369378792058885"]

Jordan Hill is a 6-10, 235 pound Forward/Center who has career averages of 5.4 points, 4.2 rebounds, and 0.6 blocks per game.

It was also reported that the Rockets may explore a buy-out for Derek Fisher. However, the Lakers could not then re-acquire him this season. (Not until July) Another reason to rationalize the deal is Fisher had a $3.4M player option next year that he would have exercised.

Fisher has been a Laker for 13 of his 16 NBA seasons. (GSW 04-06, Utah 06-07). In 43 games this season, Fisher has averaged 5.9 points (worst since Rookie season), 3.3 assists, and 2.1 rebounds per game.