The 34-year-old Anthony has not appeared in a game with the Rockets since Nov. 8, when Houston lost to the Oklahoma City Thunder, 98-80.
While Anthony's trade signals the end of his time with Houston, his tenure with the Bulls will also be short-lived.
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Chicago will either trade or waive Anthony prior to the Feb. 7 NBA trade deadline, giving him the option to select his next move.
In 10 games with the Rockets, Anthony averaged 13.4 points, 5.4 rebounds and 0.5 assists. He also shot a paltry 41 percent from the field and 33 percent on 3-pointers.
The trade is scheduled to be completed Tuesday.
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