Financial terms of the deal have not yet been disclosed.
Originally drafted by the New Jersey Nets in the second round, 51st overall, of the 2003 NBA Draft, Korver has made a 16-year career out of his excellent long-range shooting. Only one season has he failed to shoot better than 37 per cent from three-point territory.
In Milwaukee, Korver will be reunited with head coach Mike Budenholzer, under whom he earned his first — and only — all-star nomination for his contributions to the 60-win 2014-15 Atlanta Hawks.
The prospect of such a reunion played a major role in Korver choosing the Bucks over the Philadelphia 76ers, who were also interested in his services, per Wojnarowski.
Korver, 38, split time last season between the Cleveland Cavaliers and Utah Jazz.
In 70 appearances altogether, the career-marksman made 39.7 per cent of his shots from long range on five attempts per game and will likely bring that same dependable floor-spacing to Milwaukee.