The teams agreed to the deal on Wednesday and completed the transaction Thursday following a conference call with NBA officials.
Cleveland shipped Korver to the Jazz for guard Alec Burks and second-round draft picks in 2020 and 2021.
Korver played in 124 games for the Cavs and was a valuable member of two Eastern Conference championship teams. One of the league’s most accurate outside shooters, Korver had asked the rebuilding Cavs to send him to a contender.
Cavs general manager Koby Altman praised Korver for his contributions on and off the court, calling him “a great person and teammate. He sets an example in everything he does. His work ethic, character and dependability are all at a very special level.”
Korver joined the Cavs in 2017, coming over in a mid-season trade from Atlanta. He played for the Jazz from 2007-10.
By TOM WITHERS, Associated Press