Sources told ESPN.com that Vucevic has received a new four-year deal from the Magic worth $53 million that will kick in starting with the 2014-15 season.
The Orlando Sentinel first reported Tuesday that the sides were finalizing a new deal.
Vucevic becomes the fifth former 2011 first-round pick to land an extension before the Oct. 31 deadline, joining Cleveland's Kyrie Irving, Denver's Kenneth Faried and twins Markieff and Marcus Morris of the Phoenix Suns.
Vucevic turns 25 on Friday and has established himself as a consistent double-double man for the Magic, who acquired him from Philadelphia as part of the four-team blockbuster deal in August 2012 that landed Dwight Howard with the Los Angeles Lakers.
Magic forward Tobias Harris is also eligible for an extension before the Halloween deadline. Class of 2011 first-rounders who are still with the teams that drafted them and don't secure an extension this month become restricted free agents in July 2015.
San Antonio's Kawhi Leonard, Golden State's Klay Thompson, Minnesota's Ricky Rubio, Charlotte's Kemba Walker, Chicago's Jimmy Butler, Cleveland's Tristan Thompson, Oklahoma City's Reggie Jackson and Milwaukee's Brandon Knight are among the most prominent 2011 first-rounders currently in extension negotiations with their respective teams.