"We are extremely pleased to be able to add a player and person the caliber of Kyle Korver to our Cavs family," Cavaliers general manager David Griffin said in a statement.
"Among the most prolific and dynamic three-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."
The 6-foot-7, 212-pound Korver played in 32 games (21 starts) for the Hawks this season with averages of 9.5 points, 2.8 rebounds and 2.3 assists in 27.9 minutes. He is shooting .889 from the foul line and .409 from the 3-point line, while scoring in double figures 16 times in 2016-17.
Korver, 35, spent the last four-plus seasons with the Hawks and currently ranks first on the team's all-time free-throw percentage list at .887 (329 of 371) and third on the club's all-time 3-point field-goals made chart with 818 triples. Korver shot .452 (818 of 1,811) from the 3-point line in his career with Atlanta and hit at least one triple in 311 of 332 games played with the team.
Cavs star LeBron James expects Korver will increase his 49-percent mark on wide-open 3s in Cleveland.
"They'll go higher than that," James told reporters Friday. "We're gonna get him the ball. He's on the floor for a reason. We're going to get it to him."
Korver addressed the in-the-works trade following Atlanta's win Thursday night in New Orleans and acknowledged that he was Cleveland-bound.
"Obviously it's a great opportunity for me to go to Cleveland. So I'm very excited about that part of it ... From a basketball perspective, (Cleveland is) a great, great fit for me."
Korver is earning $5.2 million this season in the final year of his current contract.
"He's going to be another veteran guy," Love said.
"Obviously we know he can shoot the ball. With the way that we pass, he's going to bring a whole new dynamic to this team to help spread the floor even more than we can now."
Playing in his 14th NBA season, Korver has appeared in 996 games (417 starts) with Philadelphia, Utah, Chicago and Atlanta, owning career averages of 10.0 points and 3.1 rebounds in 26.6 minutes per game.
He was an NBA All-Star in 2015 and ranks eighth in NBA history with 1,952 career 3-pointers (fifth among active players) and eighth all-time in 3-point field-goal percentage (.429). Korver has hit 100 threes or more 11 times in his career, including each of the last six seasons.
(Editing by Andrew Both)