The 28-year-old is set to become a free agent in the offseason.
The Warriors already have four players owed more than $24 million on the books next season, so this isn't likely a long-term fit, but Oladipo could be a valuable piece to help return to contention this year.
Golden State exits the All-Star break with a 19-18 record and major questions behind Stephen Curry.
Andrew Wiggins and Kelly Oubre have combined to average 32.5 points per game this year, but the team has been worse when they are on the court. The Warriors have lost more than seven points per 100 possessions with each on the court compared to off of it, per Basketball Reference.
Oladipo has struggled with efficiency since joining Houston—his 38.7 field-goal percentage and 31.3 three-point percentage would both be career lows—but the two-time All-Star has proved himself in the past as a quality scorer and perimeter defender.
The two-way ability could provide an immediate upgrade for Golden State if it can swing a deal.
The Rockets have fallen apart with 13 straight losses and should be sellers before the March 25 deadline. O'Connor reported the squad has "received calls from a wide number of teams" for multiple players, but Oladipo's history could make him an intriguing trade piece in the coming weeks.