The Magic were at the center of 2012's biggest trade, the four-way deal that sent Dwight Howard to the Lakers, and while they don't have the pieces to make the same sort of splash in 2013, it appears the team will continue to be active on the trade market. According to Steve Kyler of HoopsWorld, Orlando has been involved in "virtually every trade scenario out there" and is aggressively exploring its options.
Orlando's activity doesn't necessarily mean the club will make a deal on or before February 21st, but the Magic have made it clear they'll entertain offers for virtually anyone on their roster, says Kyler. With a pair of expiring contracts (J.J. Redick, Josh McRoberts), a collection of productive veterans (Arron Afflalo, Jameer Nelson, Glen Davis), a few young players with upside (Nikola Vucevic, Maurice Harkless, Andrew Nicholson), a massive $17.8MM trade exception, and a slew of future draft picks, the Magic could go in a number of different directions. However, it's unlikely that they'll compromise their future cap flexibility or part with any of their young players unless they find a deal that nets them a core piece.
One player that doesn't seem to be a future long-term piece in Orlando is Rudy Gay. According to Kyler, the Magic briefly discussed the veteran forward with the Grizzlies, but backed off due to Gay's contract and a belief that he wasn't an ideal fit.