Splitter averaged 8.2 points, 4.8 rebounds and 1.5 assists in 52 games for the Spurs last year. Splitter will be reunited with coach Mike Budenholzer, who previously served as an assistant for the Spurs from 1996 to 2013.
Earlier in the day, the Spurs signed Danny Green to a four-year contract worth $45 million. The team is reportedly also in serious talks with LaMarcus Aldridge and the Splitter trade has allowed the team to free up cap space.
Forward DeMarre Carroll, who spent the last two years in Atlanta, has agreed to a four-year contract with the Toronto Raptors worth $60 million. Hawks big man Paul Millsap is also an unrestricted free-agent and is weighing offers from other teams.
ESPN's Brian Windhorst reports Splitter will receive a $2.5 million trade kicker as part of the move. The Spurs will unload the remaining two years and $16.75 million owed to Splitter.
Splitter, 30, spent the first five years of his career with San Antonio since being selected by them in the first round of the 2008 NBA draft.