Hardaway, 49, had been linked to the Magic coaching vacancy after interviewing for the position. He has been the coach at Memphis since 2018, compiling a 61-32 overall record. That includes a 20-8 mark this past season.
As a player, Hardaway and center Shaquille O’Neal led the Magic to two the Finals in 1995, when they lost to the Rockets.
Brown, 80, has coached in the old ABA, at the college level and with nine different NBA teams. He last coached Auxilium Torino of Italy in 2018.
As it stands, former Trail Blazers coach Terry Stotts and former Nets coach Kenny Atkinson are considered the frontruners for the Magic job.