The Kings will get Cleveland's Alec Burks in return, as part of a three-team deal with the Rockets and the Cavaliers.
The Kings acquired Alec Burks from the Cleveland Cavaliers as part of that trade.
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ESPN's Adrian Wojnarowski was first to the news, reporting that the Cavaliers will get Marquese Chriss, Brandon Knight, and a protected first-rounder from Houston.
Wojnarowski announced on Twitter Wednesday that the trade will send Kings' small forward and shooting guard Iman Shumpert to the Rockets.
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Cleveland will reportedly send Nik Stauskus and Wade Baldwin to Houston in the deal. Shumpert, known for his defensive prowess, has been hitting a near-career-best 36.6 percent of his career-high 4.8 3-point attempts per game. Burks has now been traded for the second time this season, after starting the year with the Utah Jazz. They also save about $6.1 million in tax payments this season and get off the $15.6 million Knight is owed next season. That means the Hawks will only receive a pair of second-round picks in exchange for Korver.
The 6-6, 205-pound guard was taken with the eighth overall pick in the 2014 draft by the Sacramento Kings out of MI. They were rumored to have interest in Shumpert at the 2017 trade deadline. Shump is averaging close to nine points per game in addition to three rebounds and two assists.
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In the case of Chriss, he's an expiring contract who will be a free agent this summer but will have an opportunity to show his worth while playing on the clearly rebuilding Cavaliers.