Update:
Adrian Wojnarowski of ESPN reports that the buyout is complete and Faried will join the Houston Rockets.
Brooklyn's Kenneth Faried has agreed to a contract buyout with the Brooklyn Nets, clearing the way for him to sign a free agent deal with the Houston Rockets, league sources tell ESPN. Faried expected to be waived on Saturday and clear on Monday.
— Adrian Wojnarowski (@wojespn) January 19, 2019
The Rockets will have until Monday to clear a roster spot for Faried. He's expected to move into the Rockets lineup with significant minutes immediately with absence of Clint Capela, league sources said.