It has officially been reported that Jeremy Lin is out with the New York Knicks, and will officially become a Houston Rocket. Lin is reported to have accepted Houston's three year, $25 million contract offer.

The Knicks had the opportunity to retain Lin, a restricted free agent by matching the Rockets offer, but ultimately decided against it.

The Rockets hope the Lin can recapture "Linsanity" and bring it down to Houston. Lin averaged 14.6 points and 6.2 assists during the 2011-12 season, his first and only with New York. He played just 35 games and underwent season-ending surgery on his left knee to repair a torn meniscus.

The Rockets need an impact player immediately. If that will be Jeremy Lin remains to be seen.