The Houston Rockets have traded Omer Asik to the New Orleans Pelicans for a future first round pick.
The Rockets will also send $1.5 million cash to the Pelicans as part of the deal, which won't become official until after July 1.
Asik has been on the trade block since the Rockets signed Dwight Howard last July.
The Rockets are attempting to clear cap space to sign either LeBron James or Carmelo Anthony. Houston could also create additional cap space by trading Jeremy Lin.
Zach Lowe of ESPN reports the pick to the Rockets will be conveyed in 2015 only if it is outside of the top 2/3 of the lottery or better than a top-20 selection.