Arron Affalo was scheduled to make $12.5 million with the Kings this upcoming season after signing a two-year, $25 million deal last summer.
Instead, he was waived on June 23.
On Tuesday, the veteran guard found a new home as he has reportedly agreed to a one-year deal with the Orlando Magic.
The deal is for the $2.1 million, according to ESPN.
In his only season with the Kings, the 31-year-old Afflalo averaged 8.4 points, 2.0 rebounds and 1.3 assists in 61 games.
This is not Afflalo's first stint in Orlando. He played for the Magic from 2012 through 2014.