Fisher will serve as a backup point guard for the Thunder, and brings a veteran presence to the locker room as well. Terms of the deal are currently undisclosed.
Oklahoma City superstar Kevin Durant should be happy, as he endorsed the potential signing prior to Tuesday night's game against the Jazz.
"Derek is a consummate professional ... an unbelievable leader. And he played with arguably one of the greatest players to ever play in Kobe (Bryant), and Kobe really respected him as a player and wanted him on his team, so that speaks volumes."
Fisher is expected to suit up for the Thunder tonight against the Clippers, according to Adrian Wojnarowski.
Derek Fisher will make Oklahoma City Thunder debut against Clippers tonight, league sources tell Y! Sports.
According to a report from NBA.com, Fisher was spotted with Sam Presti and members of the Thunder front office at Oklahoma City's Will Rogers World Airport. He is reportedly close to finalizing terms on a deal with Oklahoma City.
The Thunder have been looking for a backup PG ever since Eric Maynor tore his ACL earlier in the season, thrusting Royal Ivey and first-round pick Reggie Jackson in that role.
Fisher, the president of the NBAPA, brings championship experience from his time with the Lakers and is one of the most widely respected players in the NBA.
However, at the age of 37, it looked like his tank was empty in the first part of the season with LA, averaging 5.9 points and 3.3 assists on 38% shooting.