Hedo Turkoglu will remain on the Orlando Magic's official roster for now, but both sides have agreed his tenure with the organization is over.

Turkoglu will not be with the Magic into training camp as his representatives and the front office negotiate a buyout.

“Our organization has a great deal of respect for Hedo and the contributions he’s made to the team over the years,” Rob Hennigan said. “We’ve made an organizational decision to move in a different direction. During the pendency of our buyout negotiations, we’ve mutually agreed to have Hedo remain with his family while we work toward an agreement.”

Turkoglu will turn 35 years old in March, and he doesn’t fit into the Magic’s long-term plans. Franchise officials would rather allocate playing time on the wing to younger players such as Maurice Harkless and Tobias Harris.

The Magic want to reach a buyout of under $6 million but also would like to keep trade options open.