The 37-year-old Korver is going back to Utah, where he played from 2007-10.
The Cavaliers had been shopping Korver for several weeks.
In exchange for Korver, the Cavs will get guard Alec Burks - and his expiring contract - along with two future second-round draft picks, according to the person who spoke on condition of anonymity because the swap has to be approved by the National Basketball Association. Subtracting him from the team only makes it harder to win games, they feel. He played 50 games with the team that season, then two more seasons with the franchise.
Burks, meanwhile, leaves the only franchise he has ever known. Coming off the bench in all but two of those contests, he averaged 8.7 points and shot 41.6 percent from long-range before then leaving in free agency in July 2010. It's knowing that scenes like what unfolded Wednesday - Korver being traded just after he arrived at Chesapeake Energy Arena to play against the Thunder - are possible, even probable.
However, the forte of his game, has been as a slasher rather than a shooter - he is a career 42.5-percent shooter from the field, and a 35.5-percent shooter from deep.
Jazz rookie guard Grayson Allen says he was surprised to learn of the trade that will send Alec Burks to the Cavaliers.
"I think just overall I'm really grateful for my time in Cleveland", Korver said. "But that's how it goes". "I'm sure there's a lot I can watch from him and it will be cool to have that up close".
Korver's contract carries a cap hit of $7.6 million this season and $7.5 million for 2019-20, $3.4 million of which is guaranteed.