The former Duke star has struggled to work his way into the backcourt rotation and last season asked for a trade. He was the first guard off the bench in the Magic's loss to Atlanta in the preseason opener Monday, scoring 12 points, and drew praise from coach Stan Van Gundy for his play in practices.
Redick, the team's first-round pick in 2006, originally signed a two-year deal with two one-year options. He's making $2.1 million this season.
Calls to Redick's agent, Arn Tellem, were not immediately returned.