The Houston Rockets and Derek Fisher have reached a buyout agreement that will make the veteran point guard a free agent once he clears waivers.

Fisher, 37, was traded to Houston last week along with a 2012 first-round draft pick in exchange for forward Jordan Hill. Fisher became expendable in Los Angeles when the Lakers acquired point guard Ramon Sessions from the Cleveland Cavaliers.

According to a new rule in the NBA’s collective bargaining agreement Fisher won’t be allowed to return to the Lakers after a buy-out.  He had a $3.4 million player option on his 2012-13 contract.

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