Well, the title actually describes what is the problem in question. I was just thinking a bit about magic squares and this question popped-up. It could be that it is not interesting but I do not see a reason why it should not be asked.
Suppose that we have two magic squares of the same order $n>2$.
We can view those two magic squares as matrices and we can multiply them as we multiply matrices in the usual way.
The question is:
Is it true that for every natural number $n>2$ there exist two magic squares $M_1$ and $M_2$ such that either their product $M_1M_2$ or the product $M_2M_1$ (viewed as the product of matrices) is a magic square?
I really do not know can the way in which we multiply matrices give birth to another magic square constructed by multiplying two magic squares as matrices, your ideas are welcomed.
Also, suppose that all entries in magic squares are different.