Toronto will receive a future second-round pick in return.
As Wojnarowski noted, the move also clears a roster spot for the Raptors in case the team needs to add an extra player in another deal.
Thomas is best known for his outside shooting, hitting 45.7 percent of his three-point attempts across 67 career games. He is averaging 2.7 points per game in 26 appearances off the bench in 2020-21.
The Iowa State product also spent two years in Spain, averaging 13.3 points per game while hitting 47.2 percent of his threes.
He could provide the Jazz with yet another dangerous shooter.
Utah entered Thursday ranked first in the NBA with 17 made three-pointers per game while ranking second with a 39.7 three-point percentage. It has made the squad extremely difficult to defend on its way to posting the league's best record at 32-11.
The team's spacing could create even more openings for Thomas as he tries to boost his numbers while providing bench depth.
The 26-year-old has a non-guaranteed salary of $1.78 million for 2021-22, per Spotrac.