The Magic traded forward Rashard Lewis to the Wizards for guard Arenas in one deal and picked up forward Turkoglu, guard Jason Richardson and forward Earl Clark from the Suns in exchange for guard Vince Carter, center Marcin Gortat, small forward Mickael Pietrus and a first-round pick, the Orlando (Fla.) Sentinel reported.
The newspaper cited an NBA source as saying the trade had been finalized and said Guy Zucker, Gortat's agent, confirmed the transaction. ESPN.com and Yahoo! Sports first reported the deal Saturday.
The moves served to rearrange Orlando's lineup. The key to the trades is the controversial Arenas, 28, who was suspended without pay last season for bringing guns into the Wizards' locker room following an argument on the team plane.
Arenas is reportedly owed about $62 million over the next three seasons.
Turkoglu, meanwhile, returns to Orlando, for whom he played from 2004-09. He is averaging 9.5 points and 4.0 rebounds per game this season.