A league source confirmed the deal, which is pending league approval.

The deal may also involve Houston receiving rookie Adam Haluska from New Orleans and a second-round pick in this year's draft. The Memphis Grizzlies are also said to be involved in the trade, with them getting Marcus Vinicius from the Hornets and either a second-round pick or the rights to former Rockets draft pick Malick Badiane and the rights to an unsigned New Orleans player.
 
Jackson is coming off of an impressive 17 point effort in last night's Hornets; win over Dallas but he has averaged only 6.8 points per game while shooting just 38.6 percent from the field. Wells averages 9.2 points per game while James has scored 6.5 points per game for the Rockets this season.

As part of the deal, the Houston Chronicle is now reporting that New Orleans would have to assume the remaining two seasons and approximately $12.7 million dollars remaining on James' contract after this season.

Both the Houston Chronicle and KRIV television station in Houston reported the deal citing anonymous sources, but James confirmed the deal to KRIV.

"It feels good that a team wants me and it's the best team in the Western Conference," James told KRIV.

James said he wasn't sure what went wrong in Houston.

"I've been trying to get back to Houston for two years, and when I get back it wasn't what I expected or the Rockets expected," said James.

He added that he thought coach Rick Adelman has "no interest" in playing him.

James is averaging 6.5 points a game and Wells' average is just more than 9 points a game.

Ironically, the Hornets will host the Rockets tomorrow night at New Orleans Arena at 7 PM. Houston trails New Orleans by four and a half games in the very competitive Southwest Division of the NBA.

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The Associated Press contributed to this report. 

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