1:53pm: The Lakers would send cash and the rights to a draft-and-stash prospect playing overseas, but no salary, to Houston, according to Wojnarowski (Twitter link).
1:50pm: A future first-round pick and other draft considerations would accompany Lin from the Rockets to the Lakers as part of the deal the teams are nearing, Wojnarowski adds (on Twitter).
1:40pm: The Rockets and Lakers are finalizing a deal that would send Lin to the Lakers, tweets Adrian Wojnarowski of Yahoo! Sports.
12:54pm: The Rockets are attempting to trade Jeremy Lin to the Lakers, reports Marc Stein of ESPN.com (Twitter link). A report earlier this week indicated that Houston had a deal in place to send Lin to the Sixers, though Bob Cooney of the Philadelphia Daily News wrote earlier today that the sides were merely discussing such a deal. Houston is trying to get rid of Lin’s salary in an effort to clear cap room for Chris Bosh, whom the Rockets believe will commit to them soon.
The Lakers missed out on LeBron James, and it seems as though Carmelo Anthony has narrowed his choices to the Knicks and Bulls, so that might motivate the Lakers to take on Lin’s expiring contract and concentrate instead on next summer’s free agent market. Lin’s cap hit for the coming season will be close to $8.4MM, but because of his backloaded deal signed via the Gilbert Arenas Provision, he’ll make close to $15MM in actual salary.