Llull, 27, is a 6'3" guard who was the 34th overall pick by the Denver Nuggets in the 2009 NBA draft. The Rockets later purchased his draft rights for approximately $2.25 million, a league record for a second-round pick.
Llull has played for Spanish Euroleague club Real Madrid since 2007 and is under contract with the club through 2018.
Last week, ESPN's Marc Stein reported there was a "pretty decent" chance that Llull agrees to play in the NBA next season. His story included a report from a "Spanish League expert."
"He's a really good pick-and-roll player. He takes and makes big shots. He's great in the open floor and very tough. He's a better athlete than you think, too. But he needs to be on an up-tempo team in the NBA -- Houston, Phoenix, Golden State and so forth -- so he can play in the open floor and run pick-and-roll."
Rockets general manager Daryl Morey visited Madrid two weeks ago and spoke with Llull and his agent about coming to Houston, reports Encestando.
The Rockets are 48-23, third in the Western Conference.
- Mike Fiammetta