We calculate the magnetic moments of heavy baryons with a single heavy quark in the bound-state approach. In this approach the heavy baryons is considered as a heavy meson bound in the field of a light baryon. The light baryon field is represented as a soliton excitation of the light pseudoscalar and vector meson fields. For these calculations we adopt a model that is both chirally invariant and consistent with the heavy quark spin symmetry. We gauge the model action with respect to photon field in order to extract the electromagnetic current operator and obtain the magnetic moments by computing pertinent matrix elements of this operator between the bound state wavefunctions. We compare our predictions for the magnetic moments with results of alternative approaches for the description of heavy baryon properties.