After acquiring Tyronn Lue from Milwaukee earlier this month as its first Nelson fill-in, Orlando has managed to land Alston by agreeing to surrender a first-round pick to the Grizzlies.
The Rockets are expected to receive Grizzlies guard Kyle Lowry, Orlando forward Brian Cook and perhaps two other minimum-salaried players to make the finances work.
The deal is expected to be announced later Thursday after receiving formal league approval. Deals can be approved after the deadline as long as they were submitted to the league office before 3 p.m.
Marc Stein is a senior NBA writer for ESPN.com.
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