The 37-year-old Korver previously spent three seasons in Utah.
The Cavaliers have reportedly traded veteran sharpshooter Kyle Korver to the Jazz in exchange for guard Alec Burks, according to ESPN's Adrian Wojnarowski.
Additionally, Wojnarowski reports that Utah will send two future second-round picks in the deal; one is a 2020 pick, while the other is a 2021 pick via the Wizards.
Korver, 37, has spent each of the past three seasons with Cleveland. He's averaged 6.8 points in 16 appearances this year. Korver previously played three seasons with the Jazz, when the 76ers traded him during the 2007-08 season.
Burks, 27, was in his eighth season in Utah since being drafted with 12th pick of the 2011 draft out of Colorado. Burks has averaged 8.4 points, 1.6 rebounds and 1.2 assists in 17 games this season.
Per Spotrac, Korver has one season remaining on the three-year, $22 million contract he previously signed with the Cavs. Burks will be an unrestricted free agent following the season.