The four-year-old filly enjoyed a workout before racing at Dundalk on Friday evening, and could be aimed at either the Dubai Turf or Dubai Sheema Classic on March 30.
A daughter of Galileo, she was last seen running a fine race to be second in the Pegasus World Cup Turf Invitational at Gulfrstream Park in January.
O'Brien said: "Magic Wand did a bit of work with a lead horse and we are thinking of going to Dubai with her.
"She will either go over nine furlongs (Turf) or a mile and a half (Sheema Classic)."
As well as her victory in the Ribblesdale Stakes at the Royal meeting, other high-class efforts for Magic Wand last season included second-place finishes in both the Prix Vermeille and Prix de l'Opera.
MAGIC WAND makes it a quickfire double at #RoyalAscot for Aidan O'Brien and Ryan Moore with a dominent display in the Ribblesdale!— Timeform Live (@TimeformLive) June 21, 2018
Wild Illusion 2nd
Sun Maiden 3rd
Another runner for O'Brien on the big Meydan card could be Lost Treasure in the Al Quoz Sprint.
The Ballydoyle trainer added: "Lost Treasure also worked and he could go for the sprint if he gets in."