Patterson, 25, arrived in Toronto in December as part of the Rudy Gay trade with the Sacramento Kings. As a Dino, Patterson averaged 9.1 points, 5.1 rebounds, and 1.3 assists in 23.3 minutes. The Kentucky product shot 47.7 percent from the field and 41.1 percent on three-pointers.
The Magic are well stocked at power forward--they have Aaron Gordon, Tobias Harris, Jason Maxiell, Andrew Nicholson, and Kyle O'Quinn under contract--but Patterson would nonetheless add much-needed outside shooting to the club.
The Raptors have the right to match any offer Patterson signs with another team. It's unclear at which dollar amount they'd consider letting him leave.
The Houston Rockets initially selected Patterson with the 14th overall pick in the 2010 NBA Draft. They ultimately traded him to Sacramento in order to open salary-cap space.