Forward Malik Allen was activated in Redick's place before Monday night's game but did not play.
Redick had his best year in the NBA last season and was a key contributor in the playoffs. But the former Duke standout is shooting only 12 percent from 3-point range through nine games, averaging 4.4 points a game.
Keeping Redick was the most expensive move Orlando made this summer. The Magic matched a $19 million, three-year offer sheet made by Chicago in the offseason to keep the restricted free agent.
Redick has averaged 18 minutes per game playing behind Vince Carter this season.
Information from The Associated Press was used in this report.