Houston, TX -- (Sports Network) - Just moments after losing out to the Lakers for the services of forward Ron Artest, the Rockets have reportedly come to an agreement with Trevor Ariza, who was a key part of Los Angeles' championship run this season.

According to the Houston Chronicle, Ariza accepted the Rockets' offer of the mid-level exception for five years, which is expected to be worth close to $33 million in total.

No deal can be officially announced until July 8, per league rules.

Ariza, who helped oust the Rockets in seven games in last season's thrilling Western Conference semifinal matchup, averaged 8.9 points and 4.3 rebounds for the Lakers last season but increased his scoring average to 11.3 points in 23 contests in the postseason, when LA won the title in five games over Orlando.

The 24-year-old Ariza will most likely serve the same role Artest did in his lone season with Houston and brings career averages of 6.9 points and 3.8 rebounds to the Rockets after spending parts of five seasons with the Knicks, Magic and Lakers.

The Los Angeles Times has reported Artest's pact with the Lakers is for three years at close to $18 million.