The Milwaukee Bucks have agreed to a deadline-beating trade, but it doesn't involve Michael Redd.
League sources tell ESPN.com's Marc Stein that the Bucks will send guard Mike James to Houston later Thursday for a package including Reece Gaines and two future second-round picks.
The Rockets have coveted James all season for guard depth, and trading him would relieve Milwaukee of the $7.1 million left on James' contract after this season.
The Bucks have been trying to trade Keith Van Horn and James this week in hopes of creating more financial flexibility to re-sign Redd this offseason.
Cleveland, according to league sources, is the Redd suitor feared most by Milwaukee, and the Cavaliers should have the salary-cap space in July to make the former Ohio State star a strong offer.