Vuvevic, 23, was acquired from the Philadelphia Sixers to replace Dwight Howard.
He averaged 13.6 points and 11.5 rebounds during his first two seasons with the Magic .
Per Yahoo! Sports and the Orlando Sentinel:
The Magic had until the end of Halloween to reach an extension to avoid Vucevic becoming a restricted free agent next summer where he would have been one of the top big men on the market.
Vucevic, who turns 24 on Friday, will make $2.9 million in the final year of his contract this season before making an average of $13.3 million per season in his new deal.
Nik Vucevic: "I'm very happy. I can't really put it into words. But I still have to wait for everything to be finalized."
— Josh Robbins (@JoshuaBRobbins) October 22, 2014