The Houston Rockets have agreed to trade Jeremy Lin to the Los Angeles Lakers.

The Rockets must clear Lin from their salary cap in order to sign Chris Bosh to a max contract.

The Lakers have plenty of cap space to trade for Lin and his contract expires after the 14-15 season.

Update: The Lakers will receive a future first round pick and other draft considerations, while sending back cash and the rights to an overseas player back to the Rockets.

Bill Oram reports that Lin's agent says his client is "thrilled" to be traded to the Lakers. Lin feels valued by the Lakers and is excited to play with Kobe Bryant.