FRIDAY, 8:46pm: The signing is official, the team has announced (H/T Jonathan Feigen of The Houston Chronicle).

THURSDAY, 4:50pm: The Rockets and guard Ishmael Smith have agreement on a one-year deal, reports Adrian Wojnarowski of Yahoo! Sports (Twitter link). The Suns waived Smith two days ago just before his non-guaranteed contract was to become fully guaranteed. Presumably, he’s cleared waivers, allowing the Rockets the chance to sign him. Smith’s new deal is fully guaranteed for the minimum salary, according to Jonathan Feigen of the Houston Chronicle (on Twitter).

Smith played 28 games for the Rockets in 2010/11, making him the latest former Rocket to sign with the team this summer. All four free agents with whom the team has come to agreements this month have already played for the Rockets at some time during their careers. Since debuting with Houston, Smith bounced between four other NBA franchises (Memphis, Golden State, Orlando and Milwaukee) before finding a home in Phoenix last season. He played 70 games for the Suns, averaging 3.7 points and 2.6 assists in 14.4 minutes per game.

The 26-year-old Wake Forest product figures to compete with Isaiah Canaan and Troy Daniels next season in Houston for backup point guard duties. The Rockets, of course, traded Jeremy Lin to the Lakers last week in hopes that they could reach an agreement with then-free agent Chris Bosh. Without Lin (or Bosh, as it turned out), adding depth behind Patrick Beverley became a priority.