Korver's agent, Jeff Schwartz, told ESPN's Adrian Wojnarowski his client will receive a one-year contract from the Bucks.
The 38-year-old Korver may have only averaged 19.1 minutes per game last season, but he was a strong weapon for the Jazz off the bench en route to their 50-32 regular season and playoff appearance. Of note, Utah went 36-18 when Korver was active.
Korver joins a Bucks team looking to replace Malcolm Brogdon, who was traded to the Indiana Pacers.
Brogdon, who hit 42.6 percent of his three-pointers last season, made a leap, scoring 15.6 points for the 60-22 Bucks.
Milwaukee has added Wesley Matthews, who essentially traded places with Brogdon after finishing the season with the Pacers last year. Pat Connaughton also figures to get more playing time.
Still, a team can't have enough outside shooting in a league wherein teams are taking (and making) more threes than ever. Korver can help replace Brogdon's production along with others thanks to his three-point prowess.
The Bucks were two games from winning the Eastern Conference after finishing with the league's best record last season. They may well finish with the East's No. 1 seed next year in part because of shrewd offseason moves like adding Korver, who provides an excellent veteran presence and bench scoring.
In sum, Korver should be a great fit for Milwaukee as the guard looks to win his first NBA title with a franchise seeking its first championship since 1970-71.