The Los Angeles Lakers have traded Derek Fisher to the Houston Rockets and acquired Jordan Hill.

NBA.com reported Lakers General Manager Mitch Kupchak made the announcement on Thursday.

Fisher played his first eight NBA seasons with the Lakers before his departure for Golden State. He is a five-time NBA champion with the Lakers. The Los Angeles Timesreported that he became expendable after the team acquired point guard Ramon Sessions from the Cleveland Cavaliers earlier on Thursday.

Hill is a third year out of the University Arizona. He was initially chosen by the New York Knicks with the eighth overall pick in the 2009 NBA Draft, according to NBA.com. Hill was acquired by Houston as part of a three-team, nine-player trade while in his rookie campaign.

"I want to express my deepest gratitude to Derek for everything he has meant to this organization over the years," said Lakers owner Dr. Jerry Buss. "Few who have worn the Lakers uniform have done so with as much class as Derek, both on the court and in the community."

He said Fisher will always hold a special place "not only in my heart, but in the heart of Lakers fans everywhere."