According to the Orlando Sentinel, the two sides are nearing a buyout agreement that would make the Turkish forward a free agent. Removing Turkoglu would open a 15th roster spot for the Magic.
The plan, according to the report, would be to give second round pick Romero Osby a shot at the final roster spot, as well as bring in as many as four training camp invites. Obviously Turkoglu doesn't fit into the Magic's rebuilding plan, which features a number of young players, so general manager Rob Hennigan is trying to cut ties and free up some space and another roster spot to give someone a shot.
Turkoglu is owed $12 million for next season, with $6 million of that guaranteed, as he wraps up a five-year, $53 million deal that he signed with the Raptors.
According to a recent report, Turkoglu could already have his next team lined up in Turkish side Fenerbahce.
Last season with the Magic, Turkoglu appeared in only 11 games as he was recovering from a broken hand, and then was suspended 20 games for violating the league's anti-drug policy.
Turkoglu, 34, averaged 2.9 points and 2.1 assists last season.