It will be the sixth league game played at the O2 Arena in the British capital. Before 2011, games in London were only exhibitions.
The trip will mark the Raptors' third European trip in team history. Toronto played back-to-back games versus the New Jersey Nets at The O2 in March, 2011 — the first time NBA regular-season games were held in Europe.
"On behalf of the Raptors organization, we are proud to return to London for NBA Global Games 2016," said Raptors President and general manager Masai Ujiri. "We had a tremendous experience in London in 2011 and look forward to reconnecting with the fans and community.
"This is a wonderful opportunity for us to continue in the NBA's mission to make an impact globally."
The Raptors also participated in NBA Europe Live 2007, which included pre-season games in Rome and Madrid.
Magic coach Scott Skiles says "I remember playing in London with the Magic in 1993 and I am sure our current players will relish this unique opportunity."