Canaan is traveling to Houston on Tuesday and will sign a one-year, non-guaranteed deal, sources told Haynes.
The 6-foot Canaan will provide backcourt depth for a Rockets team that is without star point guard Chris Paul, who is sidelined with a knee injury.
Houston also has announced that starting forward Trevor Ariza won't play Wednesday against Philadelphia because of a foot injury.
In addition, guard Briante Weber signed a two-way contract with the Rockets and will be transferred to Rio Grande of the G League.
Canaan, 26, spent parts of his first two seasons with the Rockets before being traded to Philadelphia. He appeared in 39 games with the Chicago Bulls last season, averaging 4.6 points per game.