Korver, 37, says he's happy to move back to Salt Lake City, where he played for the Jazz from 2007-10.
Korver, 37, is averaging 6.8 points on 46.1 shooting from the field and 46.3 from beyond the arc in 15.7 minutes per game.
Sources told FOX 8 that in exchange for Korver, the Cavs will receive Alec Burks as well as two future second-round draft picks.
The first opportunity that Korver will get to play for the Jazz will be Friday night, when they continue an Eastern road trip with a game at Charlotte.
Burks, meanwhile, leaves the only franchise he has ever known. Entering the Brooklyn game, Utah ranked No. 29 throughout the 30-team league in 3-point shooting percentage (31.9).
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"I think just overall I'm really grateful for my time in Cleveland", Korver said.
But while he's sad to see one of his teammates go, he's also excited to see what Korver can bring to the team. However, I'm not sure anybody saw a change coming this quickly, yet here we are.
He's making over $11.5 million this season, per Spotrac, but his contract expires after this season.
Korver's contract has a $7.56 million cap hit this season, and $7.5 million for 2019-20.
"I'm someone who takes pride in shooting the ball, and I'm sure I can learn a lot from him, what he does to prepare, and from what I know of his game, he's great moving without the ball", Allen added. His salary for next season includes $3.44 million guaranteed, with the full amount becoming protected if he's not waived by July 7.