Schofield, 25, is 6-foot-5 and appeared in 33 games with the Wizards as a rookie, compiling averages of 3.0 points and 1.4 rebounds.
He appeared in 14 games last season with the Greensboro Swarm of the NBA G League, averaging 10.1 points, 5.7 rebounds and 2.1 assists.
Orlando’s roster now stands at 20 players. Training camp begins on Tuesday, Sept. 28 at Amway Center.
Schofield will wear No. 25, per the Magic.