Sources told ESPN.com that Korver, formerly of the Utah Jazz, will sign a three-year deal worth an estimated $15 million.
Korver will become the Bulls' second significant free-agent acquisition, along with former Utah teammate Carlos Boozer, to sign with Chicago after the Bulls' unsuccessful pursuit of LeBron James, Chris Bosh and Dwyane Wade.
"Kyle can shoot the heck out of the ball," Boozer, speaking on "The Waddle & Silvy Show" on ESPN 1000 on Thursday, said of his former teammate with the Jazz. "He's 6-7, 6-8 with real size and can shoot the ball. In practice he doesn't miss many shots, and then in games when he's on, he's as good as anybody."
Korver was the NBA's foremost 3-point shooter last season at 53.6 percent, averaging 7.2 points for the Jazz in 52 games.
He fills a huge need for Chicago, which has lacked a floor-stretching complement to Derrick Rose. The 6-7 swingman also arrives with the experience of playing off Boozer's presence in the low post.