Marc Stein: Looks like we have a fairly significant three-way deal that has been submitted to the league just before the trade deadline.

NBA front-office sources tell ESPN.com that Orlando is acquiring Rafer Alston from Houston to fill the void created at point guard by Jameer Nelson's shoulder injury.

The Rockets will receive Memphis guard Kyle Lowry, Orlando forward Brian Cook and perhaps two other minimum-salaried players to make the finances work.

The Grizzlies will receive a first-round pick from Orlando.