Fisher, 37, has been with the Lakers for 13 of his 16 NBA seasons, but he was dealt to the Rockets for Jordan Hill, according to ESPN.
He wasn't considered a "superstar" Laker, but Fisher was always among the most popular. He is the only Laker other than Kobe Bryant to play on the team's last five championships.
Fisher will always be remembered as the guy who hit a game-winning shot against the San Antonio Spurs in the 2004 playoffs with just 0.4 of a second left on the clock. But he became expendable when the Lakers acquired a much younger point guard: 25-year-old Ramon Sessions from the Cleveland Cavaliers.
To get Sessions, the Lakers had to give up veteran Luke Walton, Jason Kapono and a first-round draft pick. In exchange, the Cavaliers will also send young wing player Christian Eyenga.
The Rockets play the Lakers in Houston on Tuesday.