Carmelo Anthony is reportedly expected to sign with the Rockets, the New York Times reports.

Marc Stein reports that he will sign for $2.4 million, the veteran minimum.

As part of a three-team deal, the Oklahoma City Thunder have reached an agreement to trade forward Anthony and a top-14 protected 2022 first-round draft pick to the Atlanta Hawks for guard Dennis Schroder, two people with knowledge of the situation told USA TODAY Sports late last week. If the pick doesn't convey, it will become two second-round picks.

The people requested anonymity because they were not authorized to speak publicly until the deal is official.

The Hawks will send forward Mike Muscala to the Philadelphia 76ers, and the 76ers will trade Justin Anderson to the Hawks and Timothe Luwawu-Cabarrot to the Thunder.

The Hawks plan to waive Anthony, who will then become a free agent after he clears waivers. Atlanta has the ability to absorb Anthony’s contract, but the price for taking him off Oklahoma City’s roster was a first-round draft pick – a good move for Hawks general manager Travis Schlenk who is rebuilding the roster.

By shedding Anthony’s salary in the trade, the Thunder will save nearly $73 million in payroll and luxury taxes, according to ESPN front-office insider and former Brooklyn Nets assistant general manager Bobby Marks.

The Thunder had been exploring options for Anthony, including waiving him and stretching the $27.9 million left on the final year of contract over multiple seasons. However, that still would’ve resulted in money counting against Oklahoma City’s salary cap.

This deal gets the Thunder out of the contract, reducing their total team salary and luxury tax bill.

The Hawks recently acquired Jeremy Lin and drafted Trae Young, both moves which likely expedited Schroder's exit in Atlanta.

Follow USA TODAY Sports' Jeff Zillgitt and Sam Amick on Twitter.