The Rockets acquired Fisher and a first-round draft pick from the Los Angeles Lakers at last week's trade deadline in exchange for forward-center Jordan Hill.
The 16-year veteran never reported to the team, however. It was never the team's intention to keep Fisher, the Houston Chronicle reported.
Fisher won five NBA titles with the Lakers. He was averaging 5.9 points, 2.1 rebounds and 3.3 assists while shooting 38.3 percent from the field in 43 games for the Lakers this season.
He ranks among the top all-time Lakers players in several categories. Coming into the 2011-12 season, Fisher was second behind Kobe Bryant three-pointers made (822) and attempted (2,181), and was tied with Michael Cooper for sixth in games played (872).