The person spoke on condition of anonymity because the deal can't be signed until July 10 under NBA free agency rules. Yahoo Sports was the first to report the agreement.
The 31-year-old Frye opted out of the $6.8 million he would have made in the final year of his contract with Phoenix to become an unrestricted free agent.
The Magic have been getting younger each of the past three drafts under general manager Rob Hennigan. It has continued this offseason with Orlando trading Afflalo on draft night, and waiving Nelson last week.
Hennigan has said previously that he's wanted to have a balance of both youth and vets on the roster during their rebuilding process. The Magic currently have 11 players on their roster with three years or less experience.
In Frye, the Magic add both consistent scoring and a veteran presence back into the locker room to go along with that core of young players.
After missing the entire 2012-13 season for treatment of an enlarged heart, he started all 82 games last season, averaging 11.1 points and 5.1 rebounds per game. He is best known for his long-range shooting, making 37 percent of his 432 3-point attempts last season.
- Sports & Recreation
- Channing Frye
- Orlando Magic
- Jameer Nelson
- Arron Afflalo