According to Yahoo!'s Adrian Wojanorowski, the Rockets have completed the rumored move first brought up earlier today, and dealt small forward Shane Battier to the Grizzlies for center Hasheem Thabeet and a first round draft pick.
No word yet on where/when the pick will fall, but Memphis' first rounder this year, if they make the playoffs, will go to the Utah Jazz to complete the Ronnie Brewer trade.
Battier, who was acquired from the Grizzlies at the 2006 Draft, will now replace the man he was traded for, Rudy Gay, as the Grizzlies make their push for the playoffs. The Grizzlies are currently a half-game ahead of the Utah Jazz for the eighth and final playoff spot in the Western Conference. Gay is around three weeks away from returning to the fold.
The Rockets are gambling on Thabeet's size and pedigree; he was the second overall pick in the 2009 Draft, and if there's one thing he can do, it's block shots. He had fallen out of the rotation in Memphis and still is very raw, but he only started playing basketball at 16. There's still some hope that the Rockets could rejuvenate his career, but it seems like this deal is more about the draft pick than Thabeet.
More to come as details file in.