The team picked up Korver, in exchange for Mike Dunleavy, guard Mo Williams and a protected future first-round draft pick, both teams announced Saturday (Jan. 7).
"We are extremely pleased to be able to add a player and person the caliber of Kyle Korver to our Cavs family," Cavs general manager David Griffin said in a statement. "Among the most prolific and dynamic 3-point shooters in NBA history, a selfless and team-first competitor, Kyle brings all of the elements of Cavs DNA that we covet on and off the floor."
Korver is one of the league's best 3-point shooters, making 43 percent of his 3-pointers during his 14-year career. His addition adds depth on the perimeter for the Cavs, after the loss of J.R. Smith in December for three months because of a broken thumb. They've also lost Chris Andersen for the remainder of the season because of a torn ACL.
The 35-year-old will earn $5.2 million this season, in the final year of his current contract. He's averaging 9.5 points per game and shooting 40.9 percent on 3-pointers. He was also named an All-Star in 2015.