The compound [Co(hfac)2-(NITPhOMe)2] (2) (hfac = hexafluoroacetylacetonate, NITPhOMe = 4'-methoxyphenyl-4,4,5,5-tetramethylimidazoline-1-oxyl-3-oxide) crystallizes in the triclinic P1 space group, a= 10.870(5), b = 11.520(5), c = 19.749(5) A, alpha = 78.05(5), beta = 84.20(5), gamma = 64.51(5) degrees, Z = 2. It can be considered a model system for studying the nature of the magnetic anisotropy of [Co(hfac)2(NITPhOMe)] (1), which was recently reported to behave as a molecular magnetic wire. The magnetic anisotropy of 2 was investigated by EPR spectroscopy and SQUID magnetometry both in the polycrystalline powder and in a single crystal. The experimental magnetic anisotropy was related to the anisotropy of the central ion and to the exchange interaction between the cobalt(II) ion and the radicals.