The Raptors and Rockets completed a trade Wednesday sending point guard Kyle Lowry to the Raptors for forward Gary Forbes and a future first-round draft pick.
Lowry, 26, averaged 15.9 points, 7.2 assists and 5.3 rebounds in 38 starts last season and overall set career-highs with averages of 14.5 points, 4.5 rebounds and 1.6 steals.
The Raptors have been rumored to be considering using the amnesty clause to wipe point guard Jose Calderon's $10.6 million salary off the books next season.
Toronto offered Canadian Steve Nash a three-year deal, but Nash went to the Lakers in a sign-and-trade.
The Raptors don't expect the Knicks to match a three-year offer sheet to restricted free agent Landry Fields.
Houston is hoping to make another push to acquire Magic center Dwight Howard. Orlando seeks multiple draft picks and minimal salary in return for Howard, and Houston has several first-round picks received via trade in recent years. The Rockets also have three first-round picks -- Jeremy Lamb, Royce White and Terrence Jones -- they selected in June and could include in a deal if the two sides waited until December to execute the swap.
The Rockets' roster will be in flux for at least a few more days. General manager Daryl Morey executed offer sheets with restricted free agents Omar Asik (Bulls) and Jeremy Lin (Knicks). While both teams are expected to match the offers from Houston, they can take three full days to turn in the paperwork to the NBA office.
Houston also completed a sign-and-trade that sent center Marcus Camby to the Knicks on Wednesday. Camby signed a three-year deal.