Derek Fisher is done in L.A. (Getty Images)
It's the end of an era in Tinseltown.

Long-time guard Derek Fisher has reportedly been traded by the Los Angeles Lakers, along wtih a first round pick, to the Houston Rockets for big man Jordan Hill, according to Yahoo Sports. The Houston Chronicle reports the same terms, noting that the Rockets will receive the Dallas Mavericks' first round pick via Los Angeles.

Ken Berger of CBSSports.com has confirmed the terms.

Fisher, 37, won five championships with the Lakers. He started 43 games for the Lakers this season, averaging 5.9 points and 3.3 assists in 25.6 minutes per game. Fisher is on the books for $3.4 million this season and has a player option for $3.4 million in 2012-2013.

Hill, 24, was a lottery pick in 2009, acquired in trade from the New York Knicks at the 2010 trade deadline. Hill averaged 5.0 points and 4.8 rebounds in 14.7 minutes off the bench for the Rockets this season.

Earlier Thursday, the Lakers agreed to trade forward Luke Walton to the Cleveland Cavaliers for guard Ramon Sessions.