The Jazz (9-12) have been determined to thrust themselves out of an early-season malaise, and they pursued Korver to deepen their ability to spread the floor with their shooting. Korver, 37, has been one of the most pursued available players on the trade market.
Utah is sending 2020 and 2021 second-round picks to Cleveland, league sources said. The 2021 pick is via the Washington Wizards.
The Cavaliers have been shopping Korver and guard JR Smith, who recently left the team. There had been significant interest in Korver among multiple contenders. Korver had 22 points on 6-of-9 3-point shooting in a recent loss to the Minnesota Timberwolves. He had been eager to be moved to a contender.
This is Korver's second stop in Utah, where he played from 2007 to 2010. Korver has played 16 NBA seasons, shooting 43 percent on 3-pointers for his career.
The Cavaliers are in asset-acquisition mode, starting the season 4-15.
Burks, 27, had averaged 8.4 points in 15 minutes a game for Utah this season.
Burks' expiring contract -- $11.53 million -- could have value prior to the February trade deadline. The guard also has $1 million of unlikely bonuses in his contract.
Korver's contract has a $7.56 million cap hit this season and $7.5 million for 2019-20. His salary for next season includes $3.44 million guaranteed, with the full amount becoming protected if he is not waived by July 7.
Information from ESPN's Bobby Marks was used in this report.