The Orlando Magic have received a trade exception and cash from the Toronto Raptors and the Dallas Mavericks.

As part of a sign-and-trade deal, versatile forward Hedo Turkoglu was traded to Toronto.

"This move allows us some potential flexibility in the future," said Orlando GM Otis Smith.

"Hedo was a big part of our success and did a lot for our organization during his five seasons here. We wish him and his family nothing but the best."

Toronto sends Shawn Marion, Kris Humphries, Nathan Jawai and cash considerations to Dallas as part of the deal, while also sending a future second round draft pick to Memphis.

The Grizzlies, in turn, sends Greg Buckner to Dallas, while Dallas sends Jerry Stackhouse and cash considerations to Memphis, and sending Devean George and Antoine Wright to Toronto.