Magic to trade or waive Hedo Turkoglu by Jan. 7

Hedo Turkoglu hasn't participated in training camp, preseason or the regular season. (Jim McIsaac/Getty Images)

The Orlando Magic and Hedo Turkoglu have reportedly agreed to part ways and will do so by Jan. 7, according to Josh Robbins from The Orlando Sentinel. 

The date in January is significant because all non-guaranteed contracts become fully guaranteed on Jan. 10 and waived players have 48 hours to clear waivers. As Robbins reported, Turkoglu "no longer fits into the team's plans," and the team will officially clear him from the roster by Jan. 7 in an effort to pay only half of the $12 million owed to him this season. If the Magic waive him on Jan. 8, he will not clear waivers by the Jan. 10 deadline, and thus the Magic will be stuck with paying his entire $12 million contract.

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The 34-year-old hasn't participated in training camp, the preseason or the regular season this year. He was suspended by the league for 20 games last February for testing positive for methenolone and subsequently finished the 2012-13 season having played only 11 games.

Drafted 16th overall by the Sacramento Kings in the 2000 NBA draft, the Turkish forward once figured prominently in the Magic's rotation. He was named the league's Most Improved Player of the Year in 2008 when he averaged 19.5 points on 45 percent shooting with 5.0 assists and 36 minutes for the Magic.

Orlando is currently 8-20 with a core featuring rookie Victor Oladipo, Tobias Harris, Arron Afflalo, Nikola Vucevic and Glen Davis.

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