The Orlando Magic is looking to trade 34-year old forward Hedo Turkoglu on or before January 7 with the intention of giving more playing opportunities to its young prospects like Tobias Harris, Maurice Harkless and Arron Afflalo and saving almost $6 million in salary this year.

The Orlando Sentinel is reporting that the team has committed to trading Turkoglu on or before January 7 and thus allowing the Magic to realize savings of up to $6 million.

"Rather than cut Turkoglu, who is in the final year of his contract, team officials have kept him on the roster because his contract is an asset that potentially could be used in a trade and net the Magic an asset in return," it said. "For now, only $6 million of his $12 million salary for this season is guaranteed."

Turkoglu, who was a key player in the team's 2009 run to the NBA Finals alongside now Houston Rockets center Dwight Howard, has played sparingly this season. The Magic have gone on a full-rebuilding mode, playing younger players like Harris and Harkless. Even Afflalo, a natural shooting guard, has seen some games at the small forward position to give rookie Victor Oladipo an opportunity to play the shooting guard position

The Turkish player could be a good addition to a contender with his superb ball-handling skills and respectable outside shooting. He has played eight out of his 13 NBA seasons with the Magic and remains one of the more popular and recognized players in franchise history.