Redick could sign the agreement as soon as the weekend.
A source familiar with the offer sheet said a significant portion of the offer is a signing bonus, which makes it more difficult for Orlando to match.
The Bulls signed free-agent guard Kyle Korver(notes) to a three-year, $15 million contract on Friday.
Once the sheet is signed, the Magic will have seven days to match and keep Redick.
Several other outlets have also reported the signing.
Magic Coach Stan Van Gundy has consistently said the Magic will match any offer Redick receives and although Redick is getting a large increase in pay, I don’t think this will be much of a choice for the Magic – I’ll surprised if they don’t match.