Dwyer, who played on the U.S. national team last year, was traded to Orlando from Kansas City last July. The deal included an MLS-record $1.6 million in allocation money.
Dwyer had nine goals and five assists in league play overall last season, including four goals and four assists after coming to Orlando.
After becoming a U.S. citizen last year, Dwyer made four appearances with the national team, scoring two goals including one in his debut against Ghana.
Dwyer, 27, is married to Sydney Leroux, who was on the women's national team that won the 2015 Women's World Cup.
Orlando also acquired midfielder Sacha Kljestan and $150,000 in allocation money in a trade with the New York Red Bulls for forward Carlos Rivas and center back Tommy Redding.
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