After a midseason trade from Minnesota, Brewer anchored the bench on the Rockets' run to the Western Conference finals.
Brewer, 29, averaged 11.9 points, 3.6 rebounds, 1.7 assists and 1.1 steals in 56 games with the Rockets after the trade.
The Rockets still have the financial flexibility to acquire free agent LaMarcus Aldridge and believe Brewer's deal strengthens their case to him. Houston has sign-and-trade scenarios that could help facilitate a deal for Aldridge, should he decide to sign with the Rockets. The Rockets are competing with several teams, including the Spurs, Suns, Blazers and Lakers, for the All-Star forward.