"The Orlando Magic have waived guard Gilbert Arenas and designated him as the team's amnesty player, President of Basketball Operations/General Manager Otis Smith announced today.

Arenas (6'4", 215, 1/6/82) played in 70 games with both Washington and Orlando last season, averaging 10.8 ppg., 3.9 apg., 2.7 rpg. and 1.06 stlpg. in 25.7 minpg. He was acquired by the Magic on December 28, 2010 from Washington in exchange for Rashard Lewis. In 49 games with Orlando, Arenas averaged 8.0 ppg., 3.2 apg. and 2.4 rpg. in 21.8 minpg."