According to the Orlando Sentinel's Mike Bianchi and Josh Robbins, McGrady will have several roles with the franchise, including on- and-off-court consultation with players and coaches throughout the regular season.
McGrady will also reportedly help promote the team's G League affiliate, the Lakeland Magic, who are slated to begin their inaugural season this fall.
McGrady, 38, was inducted into the Naismith Memorial Basketball Hall of Fame in September after finishing with career averages of 19.6 points, 5.6 rebounds 4.4 assists and 1.2 steals per game over 15 seasons.
The seven-time All-Star spent four of those seasons with the Magic. During that stretch, McGrady won back-to-back scoring titles in 2002-03 and 2003-04 with respective averages of 32.1 and 28.0 points per game.
Since retiring in August 2013, McGrady has served as an NBA analyst for ESPN.