The Orlando Magic could enter in several trade deals before the deadline in February as part of the team's rebuilding plan that started when Dwight Howard was traded to the Los Angeles Lakers.

ESPN reported that the Magic are determined to embrace the youth movement as they are currently looking for takers for the team-friendly contract of veteran forward Hedo Turkoglu.

Similar to Andrew Bynum's contract with the Cleveland Cavaliers, only half of Turkoglu's $12 million contract this season is guaranteed and this type of clause could save a team millions in salary and taxes this season if the team decide to waive the veteran before June 7.

However, the Magic are getting limited interests from teams because Orlando is not looking for players who can help them make a playoff push this season or players with long-term contracts.

Turkoglu, who turned down a structured buyout from the Magic last offseason, is determined to make a comeback this season and is reportedly doing private workouts in Orlando to prove that he can still contribute to any team.

If the Magic fail to find a taker, Turkoglu is expected to be waived before the Jan. 7 deadline.

"One source close to Turkoglu told ESPN.com this week that he remains confident he can still make an NBA contribution and badly wants the chance to show it after the rebuilding Magic decided that the 13-year veteran didn't fit in with a rebuilding program," ESPN reported.

Aside from Turkoglu, HoopsWorld previously reported that the rebuilding Magic are also shopping veteran point guard Jameer Nelson and forward Glen Davis and are also gauging interest for veteran shooting guard Arron Afflalo.

The three veterans became expendable assets for the Magic with the emergence of young prospects that could fill in their positions.

Rookie guard Victor Oladipo, the second overall pick in the 2013 NBA Draft, is showing a lot of promise, while Nikola Vucevic, Tobias Harris, Andrew Nicholson are also contributing solid numbers for Orlando this season.

Recent reports suggested that the Toronto Raptors are interested in acquiring Afflalo in exchange for second-year guard Terrence Ross.

Sources said that if the Raptors decide to make a playoff push this season, they are expected to pursue a veteran player that could make an impact for them this season.