The Associated Press is reporting that Hakeem Olajuwon has rejected the Rockets' contract offer and instructed his agent, Dan Fegan, to stop entertaining offers.

Fegan set three factors Olajuwon is looking for in a team: (1) that he is wanted for his current production and not for what he had done in the past, (2) a chance to compete for the Finals and (3) satisfactory compensation (though all teams have offered adequate money).

According to the Houston Chronicle's Jonathan Feigen, Olajuwon's advisors have convinced him not to close the door completely on the Rockets.  An anonymous source says that Olajuwon hasn't yet made a decision on what to do.  The Rockets may fall back to recruiting Marc Jackson if Olajuwon can't be signed.