McGee, 27, has played in just 22 games over the last two seasons because of a stress fracture in his left leg. In 17 games this season, he averaged 5.2 points, 2.8 rebounds and 1.1 blocks in 11.5 minutes per game.
The Nuggets acquired McGee from the Wizards in 2012 and signed him to a four-year, $44 million contract following an impressive playoff performance.
McGee is earning $11.25 million this season and will make $12 million in the final year of his deal next season. The 76ers have the lowest payroll in the league and can add McGee's contract without sending out matching salaries.
The draft rights to Turkish guard Cenk Akyol will be sent to Denver, according to Basketball Insiders' Steve Kyler.
The Nuggets are 20-33 this season.
- Paul Palladino