The Rockets have acquired Marcus Camby from the Trail Blazers, tweets Marc J. Spears of Yahoo! Sports. According to Adrian Wojnarowski of Yahoo! Sports, the Blazers will receive Jonny Flynn, Hasheem Thabeet, and a second-round pick (originally the Timberwolves') in exchange for Camby (Twitter links).
Camby is in the final year of his contract, with a cap figure that exceeds $11MM+. Flynn and Thabeet are also on expiring deals, totaling a little over $8.5MM. So Houston should receive about $2.5MM in summer savings, along with a player who should see more consistent minutes.
According to Ken Berger of CBS Sports (via Twitter), the Rockets had been pursuing Camby for a while. Berger says if Camby was to be traded, Houston was his preferred destination.