New general manager Rob Henningan made the move Thursday, which allows the team to retain the right to match any offer the third-year forward and reigning NBA Most Improved Player receives on the open market.
Anderson becomes a restricted free agent on July 1.
He is one of four key players on the Magic's roster facing contract matters this summer.
All-Star Dwight Howard has yet to sign a deal beyond next year. In addition, point guard Jameer Nelson holds a player option for next season that must be decided by Friday, and the team must decide by July 7 whether to waive guard J.J. Redick or pay the final year of his deal.