The first-round pick originally belonged to the Oklahoma City Thunder and is top-20 protected.
The second-rounder will be the most favorable among the Cleveland Cavaliers, the Houston Rockets and the Magic.
Fultz was the No. 1 pick in the 2017 and only played in 33 games over a season and a half for the Sixers due to multiple mysterious issues.
Philadelphia will receive Jonathon Simmons, a first-round pick and a second-round pick in exchange for the 20-year-old guard.
Now, in moving Fultz, the Sixers have officially closed the book on The Process. He has been out supposedly recovering from thoracic outlet syndrome, and the Magic have made a decision to take a chance on him. Fultz, an excellent shooter coming out of Washington (47.6 FG% / 41.3 3P% / 64.9 FT%) and one of the main reasons the Sixers moved up to get him, quickly became unable to shoot after his first summer as an National Basketball Association player.
"Magic president Jeff Weltman and GM John Hammond consider the Fultz acquisition as a low-risk, high-reward proposition", Adrian Wojnarowski of ESPN reported.
He added: "We look forward to getting him in here, getting our arms around him, understanding everything he's dealing with and getting him through it".
The Pelicans didn't find a deal for Davis, who had requested a trade and informed the team he wouldn't sign a contract extension. The Pelicans had been sitting Davis since his trade request. LeBron James had 28 points, 12 rebounds and 12 assists for the Lakers.