According the report, the Lakers have a trade call scheduled for Friday to secure the necessary approval from the NBA to make the deal official.
As part of the deal, Philadelphia will get Andrew Bynum from the Lakers and Jason Richardson from the Magic, Denver receives Andre Iguodala from the 76ers, the report said.
In exchange, Orlando will take Arron Affalo and Al Harrington from the Nuggets and Nikola Vucevic and Maurice Harkless from the 76ers, and one first-round draft pick from each of the other three teams involved in the deal, ESPN said.
Howard, the centrepiece of the deal, is a three-times NBA defensive player of the year who has lead the Magic in scoring and rebounds in each of the last seven seasons.
If the deal is approved, Howard will instantly bolster a Lakers team looking to recapture their championship form after being knocked out of the second round of the NBA play-offs in each of the last two seasons.
Last month Howard reiterated to the Magic his desire to be traded and said if a move was not made he would leave the team when his current contract expires at the end of next season.