Carmelo Anthony is being traded, but he won't be with his new team for long.

According to ESPN's Adrian Wojnarowski, the Houston Rockets are trading Anthony and cash to the Chicago Bulls. That said, the Bulls are expected to release Carmelo, allowing him to become a free agent once he clears waivers.

Woj notes that because today is a holiday, the deal won't be official until Tuesday.

Anthony, 34, has not played since November 8 after the Houston Rockets announced that they'd be parting ways with the 16-year veteran. In 10 games with the Rockets this season, Melo averaged a pedestrian 13.4 points and 5.4 rebounds in a career-low 29.4 minutes per night.

In December, The Athletic's Joe Vardon reported that LeBron James was in support of his longtime friend joining the Los Angeles Lakers roster as a contributor and veteran presence on the young Lakers roster. Wojnarowski reports that the Lakers "maintain interest in Anthony," but do not want to waive a guaranteed player to create a roster spot for the 10-time All Star.