ESPN reported Wednesday night the meeting between O'Neal and team officials is to come next week, the Orlando Sentinel said.
O'Neal had not returned an e-mail message from the Sentinel, the newspaper said.
A spokesman for the Magic declined comment, and team officials, including Chief Executive Officer Alex Martins, who's leading the search for a GM to replace Otis Smith, have said they would not respond to rumors, even false ones.
O'Neal, 40, played his first four NBA seasons for the Magic and led the team to the 1995 finals but left through free agency in 1996.
O'Neal has four NBA titles and an Olympic gold medal but never worked in a basketball operations department, the Sentinel said.
He played for six teams in 19 years, ending his career with the Boston Celtics in 2010-11, and has worked as an analyst for TNT since retiring from the NBA.