5:01pm: The swap also includes a future second-round pick heading to the Bucks, according to the team's official PR Twitter feed.
2:31pm: The Bucks have acquired Samuel Dalembert in a trade with the Rockets, reports Adrian Wojnarowski of Yahoo! Sports (Twitter link). Dalembert heads to Milwaukee along with the No. 14 pick, in exchange for Jon Brockman, Jon Leuer, Shaun Livingston, and the No. 12 pick, tweets Wojnarowski.
The deal looks like a good one for the Bucks, who move down two picks in the lottery and part ways with a few non-core pieces in order to acquire Dalembert, who fills a need in the middle. Dalembert's 2012/13 contract is only partially guaranteed, but the Bucks figure to hang onto the big man and his $6.7MM salary.
With Dalembert on board, Milwaukee will likely no longer be targeting centers like Meyers Leonard and Tyler Zeller, who may not be available at No. 14 anyway. Chad Ford of ESPN.com reported earlier today that the Bucks were leaning toward drafting a guard.
The Rockets, meanwhile, continue to accumulate assets and clear salary in an effort to land a star or two via trades and free agency this summer. Brockman, Leuer, and Livingston certainly won't be key pieces in a trade for Dwight Howard, but the deal allows Houston to move up a couple spots in the draft and to potentially carve out another $4.7MM in cap space. Of course, freeing up that much space would require waiving Livingston and Leuer, which the Rockets don't plan to do, according to Jonathan Feigen of the Houston Chronicle (via Twitter). Livingston and Leuer are partially guaranteed or non-guaranteed deals.
Gery Woelfel of the Racine Journal Times reported earlier this afternoon that the Bucks were interested in acquiring Dalembert, while Steve Kyler of HoopsWorld first reported last Thursday that the Rockets were working on a deal involving the big man.
The Rockets also obtain a traded player exception worth $2.5MM in the move.