In return, the Magic will send swingman Jonathon Simmons, a 2020 first-round pick and 2019 secounder back to the Sixers, per multiple reports.
The Sixers traded up from No. 3 overall in 2017 to select Fultz.
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Fultz has not played since his agent announced, on November 20, that he would be out indefinitely to seek help for his ailing shoulder, and he was soon diagnosed with thoracic outlet syndrome. Simmons, who was averaging 6.9 points and 2.3 assists in 20 minutes this season, figures to be a useful player off the bench for Philadelphia.
Though Fultz became the first teenager in National Basketball Association history to record a triple-double, doing so on the final game of the 2017-18 regular season, he's also struggled to find his shooting stroke. After a less than lackluster tenure, the Markelle Fultz tenure is finally over.
The former Washington point guard has shot 41.4 percent from the field, 26.7 percent from 3-point distance and 53.4 percent from the line, confounding a Sixers team that anticipated Fultz being a capable scorer.
Fultz is now under contract for $8.3 million, $9.7 million and $12.3 million over the next three seasons.