Korver is averaging 6.8 points in 15.7 minutes per game, both his lowest figures since his rookie season in 2003-04.
The 37-year-old Korver is headed back to Utah, where he played from 2007-10.
Information from ESPN's Bobby Marks was used in this report. Burks has averaged 8.4 points, 1.6 rebounds and 1.2 assists in 17 games this season.
Utah Jazz fans have been somewhat disgruntled to start out the season due to the team's lackluster play and the seeming failure of the plan to rely on continuity to spur the squad on to new heights.
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Now a former member of the Cavs, 16-year veteran Kyle Korver is waving goodbye to the city of Cleveland.
However, the forte of his game, has been as a slasher rather than a shooter - he is a career 42.5-percent shooter from the field, and a 35.5-percent shooter from deep.
Before the trade, the Jazz had gone 9-12 overall, with one of their biggest problems a severe lack of 3-point shooting beyond forward Joe Ingles. In return, they'll be sending Alec Burks and two future second round drafts picks to the Cavs. "It's just the timing of it but that's how it goes". "I'm sure there's a lot I can watch from him and it will be cool to have that up close".
Per Spotrac, Korver has one season remaining on the three-year, $22 million contract he previously signed with the Cavs. He will make $7.56 million this year and has $7.5 million on his deal for next year, although less than half of it is guaranteed.